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•r . 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Paris, Saturday-Sunday, February 19-20, 1994 


No. 34,516 









• RayMod Rnttinj/Agcna Fbpk-Piok 

Dan Jansea on Us way to .* world record and Us first Olympic goW medal at the speed-skating rink In Hamar, Norway, oo Friday. 

Best for Last: Dan Jansen Wins Gold 


. . . ByJofcnette . jR&ywahfc 

Ttfcitonjl’lW PrtkSmKT r *•’ -T 

HAMAR, Dm - 

Jansen looks Kehappy. Anns outstretched, 
palms up, bead throw- bade and Ins eyes- 
squeezed dun, the, applause washing down 
over him, cleansing lam, as he looked, up in 
wonder at flw scoreboard knowing he’d just 
set a world record and won toe Ofympic gold, 
medal and, as he said bier, ^maUy nad-the 
happy ending we’ve been waiting for.' - 
“J wanted to ray, I wanted 'to laugh,! stud. 


Germans Hand Russia . 
Another Hookey Shock 

Russia's fading hockey dynasty, took, 
another Olympic pounding on Friday, 

. suffering a stunning 4-2 loss to.Genna.- 
cy just four days after bemgsbockedby 
Finland in a 5-0 root 
Germany (3-1) dinchcd a playoff 
berth, which Russia (2-2) had done by 
beating Austria on Wednesday. But 
Russia’s place in Pool A after the five^ 
game preliminary round determines its 
quarterfinal opponent from PooF.B. 
Russia is tied for third in its pool with 
the Czech Republic, which has played 
one less game. If Russia finishes fourth. 


A cwr’l ixheve tilts’— I Was shakmfc’* Jansm 
v f s«cl minutes later.; 

... ; .At^ W jater. ;L] ’ : 

And a wttriwmdtwo hours later.after he 
had done las first rqand of posrtrace inter- 
views with red lipstick cm his cbeek, leaped 

S the medal podium and fingered his gold 
il for Friday’s Olympic LOOO-meter vk> 
. tray, and after he'd cned through the playing 
of the rAmerican national anthem while 
ttokmg ^et 4o“afl the qainiog^ all the 
' years, afl tile’s happened” ; after he’d skated 


OLYMPIC GtQO PODIUM 


. it wdnkLmeet the first-place team from 
'the otter pooL Canada and Sweden 
currently share that spot ' • - 

Russia’s Olympic predecessors, : the 
. Soviet Unit& and Unified Team, won 
eight of the. last 10 Olympic gold med- 
als. They had a 60-6-2 record andjnst 
one loss by more than a goal. And the 
only time eather had lost more than one 
game in an Olympics was when the 
Soviets w«it 4-2-I and finished third in 
I960-' Germany’s only hockey medals 
were bronzes in 1932 and 1976. 

: i Bttton Friday, theRus&kms could not 
overcome the superb goaJtending of 
Klaus Merit or Bernhard TrantscWta’s 
two first-period goals in a span ctf 3:12. 


the tap of Honor, with the arena .lights 
dimmed and a spotlight trailing him wmk the 
crowd sang along to “The Skaters' Waltz,” 
Much is played in Scandinavia even in the 
smallest hamlets at the smallest rinks, wher- 
ever people gp to ideate. 

Jansen made thelap with a tiny U.S. flag in 
one hand and his infant daughter, Jane, in the 
otber^After he had been at the postrace press 
conference for a while,, a Norwegian Olympic 

See GOLD, Page 23 


Italy Stages Luge Upset 

Kurt B rugger and WHfried Huber of 
Italy staged a major surprise in the 
Olympic doubles luge, becoming the 
first non-German pair to win the two- 
seater event outright since 1964. 

“We bad a stupendous second run, 
and with that we won the medal," 
Huber said. “We didn't think we would 
make it to the gold medaL” 

The Italian duo Of Hansjoerg Raffl 
and Huber’s brother. Nor ben, took the 
silver, with the German favorites, Ste- 
fan K rpn^q e and Jan Behrendt finishing 
third. 

Olympic report: Pages 21, 22 and 23 


Tension Easing, Seoul Rethinks Missiles 


By Steven Greenhouse 

New Yak Titw Service 

WASHINGTON — The South Korean for- 
eign minister says that Jus country is reconsid- 
ering whether it still wants the United States to 
send it Patriot missiles now that t e ns i o ns have 
abated as a result of Nor* RUrea’s decision to 
allow inspections of nuclear in stall ato m s. ... . 

Foreign Minister Han Sung Joo said in an 
interview that Seoul would have to wegh the 
military benefits of- having such anti-reissue 
batteries against the diplomatic risk of upset - , 
ting North Korea. ■ - 

General Gary E Lock,.the sernor Ufi. com- 
mander in Korea, had requested the Patnot 
missiles, and the Pentagon-had agreed to send. 
Shan, but Mr. Han’s comments seemed to cast 
uncertainty on the delivery of toe miss3e^ 


' : “I can't say now how oar diplomatic needs 
■MB compare' with the military needs,” said Mr. ' 
Han, in Washingtcffl to meet with US. officials 
and attend an economics conference. “We 
don't know what the result of the inspections 
will be.” 

Not* Korea; after months of blocking in- 
spections, agreed Tuesdjty.toaflowthe Intern* 
ttonal Atomic Energy Agency to inspect seven 
srtestoxfeaamrne whether Pycffigyang hadim- 
prbperiy diverted nndear material to a ^ suspect- 
ed atomic weapons program.- = 

The United States, with Son* Korea's back- 
ing, has threatened to arir toe United Nations to 
impose cccaKiraio sanctions on Noth Korea if 
the atomic agency finds that North Korea has 
. diverted atomic material. North Korean offi- 


NATO Repeats Ultimatum 
As Serbs Continue to Pull 
Guns Away From Sarajevo 


dais say sanctions would be viewed as an act of 
war. 

A dministr ation offi cials said that the Penta- 
gon continues to favor shipping the missies to 
Son* Korea, but that the State Department is 
hesitating, now that Nor* Korea has indicated 
that k wants to improve relations. 

The White House, after being severely criti- 
cized for irol sending addition^ tanks to Soma- 
Ha as requested by a U.S. commander there, is 
said to be loath to reject a request by another 
commander. 

In Thursday’s interview, Mr. Han sought to 
reassure Norm Korea in the event that the 
Patriots were delivered. 'The Patriots are basi- 

See KOREA Page 4 


Compiled b \ • Our Staff From Di^atJus 

SARAJEVO, Bosnia-Herzegoviru — The 
threat of allied air strikes appeared to recede 
Friday as United Nations officials said ihev 
were optimistic that Bosnian Serbian forces 
would withdraw their heavy weapons from 
around Sarajevo before the Sunday night expi- 
ration of NATO's ultimatum. 

Snow-clogged roads slowed the movement of 
weapons from hills around the city. Bat tire 
Bosnian Serbian leader. Radovan Karadzic, 
promised that his forces would remot e their bis 
guns or place them under UN control by mid- 
night Saturday, 24 hours before the deadline set 
by the North Atlantic Treaty Organization. 

“We intend to do that.” Mr. Karadzic said 
after meeting with the bead of the UN Protec- 
tion Force, Yasushi Akashi. “That is our de- 
clared deadline. We are approaching peace in 
Sarajevo.” 

The NATO allies welcomed the news, but 
they emphasized that the ultimatum still bdd. 


NATO is now involved whether il strikes or 
not • Afies reaffirm deteraunatioa to enforce 
oftimatim if Serbs don't comply. Page 5. 

The United States wanted that there would be 
no extension of the deadline and that prepara- 
tions continued for possible air strikes from 
NATO bases in Italy and aircraft carriers in the 
Adriatic Sea. 

Russia's senior negotiator on the former Yu- 
goslavia, buoyed by his apparent diplomatic 
success with the Serbs, warned NATO to set 
aside its ultimatum and said air strikes would 
lead to “all-out war” in Bosnia. 

The negotiator. Vi tali I. Churkin, also said he 
was confident that the Serbs would comply 
with their pledge to poll back. 

“In some potilica] statements. 1 see a desire 
to refer to theNATO ultimatum and the repeti- 
tion of certain threats made some time ago.” 
Mr. Churkin said in Moscow after his return 
from Bosnia. 

“Let me speak very frankly.” he said. ‘I 
know there are some people in NATO who are 
advocating toe strategy ‘strike and negotiate.’ 
In Bosma-Hcraegovina there can be no such 
thing as strike and negotiate. You can have 
either negotiations or an all-out war.” 

NATO, however, insisted that its ultimatum 
was in force until the withdrawal of the Bosnian 
Serbs was verified. 

“If Russian pressure will help, we welcome 
that,” a NATO spokesman said in Brussels. 
“But there should no misunderstanding: Any 
initiative wiD be assessed by its result.” 

The United Nations modified its upbeat as- 
sessment of the scale of toe Serbian withdrawal 
on Friday but said the pullback was continuing. 

“Over the last 24 hours we have seen a 
significant rate of increase in toe number of 
withdrawals, but toe description of them as 
convoys was misleading,” said Colonel William 
Aikman, toe UN militaro spokesman in Saraje- 
vo. He was referring to his comment Thursday 
that the Serbs were pulling back in convoys 
from their siege positions. 

Pushed to clarify toe issue of the pace of 
withdrawal on toe Serb side. Colonel .Aikman 
said: “We're talking about a capability declin- 
ing steadily. We are told that heasy arms and 
equipment are being moved.” 

He said that despite toe revision of Thurs- 
day’s estimate, toe UN peacekeepers were still 
optimistic that both parties could meet their 
self-imposed deadline of midnight on Saturday. 

An Associated Press reporter traveling be- 
tween Pale and Luk&vica. a likely route for a 
major pullout, saw four Bosnian Serbian trucks 
— three of them towing artillery pieces — 
beading away from Sarajevo. 

NATO reconnaissance aircraft patrolling 
Bosnia are capable of detecting the presence of 
many heavy weapons, but a White House 
spokeswoman said in Washington that allied 
aircraft had not confirmed the withdrawal be- 
cause of fo gg y conditions. 

On Thursday, Mr. Churkin, after a meeting 
with the Bosnian Serbs, pledged that Russian 
peacekeepers would be sent to Sarajevo if toe 
Serbs pulled back their gons. 

Mr. Churkin said Russia would commit more 
troops in the future for deployment elsewhere 
in Bosnia. 

In a message Friday to toe UN secretary- 
general, Butros Burns Ghali, President Boris 
N. Yeltsin of Russia requested permission to 
shift 400 Russian peacekeepers in Croatia to 
Sarajevo, the Russian press agency Itar-Tass 
reported from New York. 

Russia's UN ambassador, YuH M. Voront- 
sov, said Friday that the peacekeepers could be 
m Sarajevo within two days, toe agency report- 
ed. 

In Athens, Russia's foreign minister. Andrei 
V. Kozyrev, said Russia could also send troops 

See NATO, Page S 


Yeltsin’s Diplomatic Coup 

If Siege Is Lifted \ He’ll Share Credit 


By Celestine Boblen 

.Vm >‘iv* Times Serncc 

MOSCOW — In winning a pledge from 
toe Bosnian Serbs to withdraw their heavy 
artilleiy from toe outskirts of Sarajevo. Pres- 
ident Boris N. Yeltsin of Russia has scored a 
badly needed diplomatic triumph, one that 
is likely to work for him ai home as well as 
abroad. 

The Serbs’ commitment, like previous de- 
velopments that have stirred hope in (be 
brutal two-year Bosnian war. is necessarily 
tenuous, depending as it does on the compli- 
ance of warring parties that have so far 
found no good reason to lay down their 
guns. 

But if it sticks and toe Serbian guns pull 
back, if only for a few weeks or months. Mr. 
Yeltsin's government will have avoided an 
immediate problem that could have either 
damaged its relations with the West or left it 
with a domestic political disaster. 

The air strikes that toe North Adamic 
Treaty Organization has threatened against 
Serbian targets if toe guns are not removed 
would hare left Moscow with two unpalat- 
able choices: Condemn toe anack and risk 
international isolation, or face toe wrath of 
Russian nationalists who hare adopted toe 
Serbs’ cause as their own. 

In toe week since NATO issued its ultima- 
tum for the lifting of toe siege of Sarajevo, 
Russian diplomats, and Mr. Yeltsin himself, 
managed to add more drama to the crisis by 


insisting loudly, even petulantly, that Russia 
would not be left out of any solution to toe 
Balkan crisis. 

Their complaints, made even after Wash- 
ington and other European capitals took 
pains to consult with Moscow on NATO’s 
decision, only served to underscore toe 
Kremlin's unenviable position. 

For Mr. Yeltsin's government, a diplo- 
matic solution simply bad to be found be- 
fore toe NATO ultimatum expired Sunday. 

“Our aim is to make sure that toe ultima- 
tum is never carried out, that toe air strikes 

NE VS ANALYSIS 

never take place.” Deputy Foreign Minister 
Sergei Lavrov told toe lower house of toe 
Russian parliament Thursday. 

Now, with toe agreements reached in 
Pale, toe political headquarters of the Bosni- 
an Serbs. Russia may bare found a way out 
of toe immediate crisis, not only for itself, 
but also Tor the Serbs and toe WesL 

Russia's intervention — in particular toe 
offer to send 800 troops to Sarajevo to join 
United Nations peacekeeping forces — 
gives toe Serbs a face-saving way to explain 
their compliance with toe NATO ultima- 
tum, while toe Serbs’ pledge, if kept, relieves 
toe West of carrying out its threat to bomb 
artillery positions around Sarajevo. 

Now it is Russia’s turn to gloat, and to 

See KREMLIN, Page 5 


Industrial Collapse Looms 
As Russia Grinds to a Halt 


By Margaret Shapiro 

Washington Pest Service 

MOSCOW — At toe once-vaunted Zil fac- 
tory. whose boxy limousines have been the 
choice of Soviet rulers for decades, half toe 
employees were recently put on unpaid leave. 
In the oD fields of Siberia, lack of funds has 
forced 15.000 workers onto drastically reduced 
work schedules. In Russia's textile capital, so 
few cloth factories are now open that local 
officials want the entire region declared an 
“economic catastrophe” zone. 

Across toe frigid expanse of Russia, a long- 
anticipated industrial collapse is finally arriv- 
ing. From vodka distilleries to rocket factories 
and tractor assembly plants, production lines 
are grinding to a halt, and every day brings 
news of yet another collection of workers sent 
on leave without pay. 

The shutdowns are important because toe 
fate of state-owned industries — in particular, 
what to do with factories too inefficient to 
survive outside a socialist economy — is at toe 
heart of the struggle over reform in Russia. 


Supporters of toe program of “shock therapy” 
pursued until late last year by toe government 
of President Boris N. Yeltsin tried to curtail 
state subsidies to factories so that they would 
be forced to adjust to toe demands of toe 
marketplace or shut down. 

But conservative rivals ensured that many 
subs dies continued — a setback the reformers 
blamed for toe country's high inflation and the 
failure of a free market to take hold. Now that 
most reformers have been ousted from Mr. 
Ydtsin’s government, a mare conservative cab- 
inet undo* Prime Minister Viktor S. Cherno- 
myrdin is promising that state support for in- 
dustry will be stepped up. 

Still, there is growing evidence that an up- 
heaval in industry is happening, after all: Be- 
cause of inflation, falling demand for goods 
and a drop in stale purchases, many big indus- 
tries have been starved for funds. Some are 
being forced toward toe capitalist-style restruc- 
turing measures sought by reformers, such as 

See RUSSIA, Page 4 



Bcril YiachenfayTbc Awaited Pm 


A Muscovite carrying a supply of imported candy Friday. Vendors have been stocking op 
since taxes were raised on inq>orted liquor, fearing a rise was imminent on other imports. 



Kiosk 


Newsstand Prices 


Andorra FF Uixembours »VFr 

soffl Reunion —.TOO FF 
Egypt ......E.P.SOfiO Sa ^ f A I t*fo..RO^ 

France .9.00 FF Senegal.. -MO CPA 

Gabon „«0CFA 5 PC rfrv^.-^»f 3 TAS 

Greece..— —300 Dr . Tunisia .-..I -000 Din 
Ivory Coast ,1.130 CF A Turkey ;.T.U W,0flQ 

Jordan ,~IJD .....8J0Drrh 

Lebanon -USS1 JO U.5.MiUEur.)fl ; M 


U.S. Troops Shoot 2 Somali Gunmen 



A n occasional seriesabout _ 
the leaders of t omorrow. : : 

He looks store Eke toe rugbyjriayer be ouce 
thought he imgbt become than die world’s 
hbttest new bass baritone that he now argu- 
ably is. A profile of Bryn Terfel toe rising 
Wdsb opera singar. On Monday. 


Book Review 

Crossword 

Wepiher 


MOGADISHU, Somalia {AP) — Ameri- 
can soldiers. shot two Somali gunmen, ap- 


ts ar toe main gate to toe new port m 
Mogadishu, a U-S: Army spokesman said 
Friday. - 

Colonel Steve Rausch said an American 
sentry fired one. round, apparently killing a 
Somali manning a heavy machine gun in the 
back da pickup track. No Americans were 
injured,; - 


■ i . : i J i 


■ pjpp 4 at toe-port fired a single round at a 
1"*^ _ who aimed a rifle at the c he c kpdn t from toe 
”8* * back Of a truck. He said the gun mao was hit 
Page 21 in toe chest and the pickup sped away. 


Shaken Californians Head for the Exits 


By Sara Rimer 

\n York Tunes Ser woe 

LOS ANGELES —Two days after toe earthquake, and two decades 
after he had arrived here from Chicago, Leo Fasdocco, a financial 
writer, packed op his family and his car and headed for solid ground — 
Ftoatix, Arizona. 

A week later, Karin Kufid quit her secretarial job and drove cross 
country, to Tampa, Florida, returning for good 13 years after she bad 
left. 

I-ast week Larty Levine, a resident of Los Angpks ana 1939, gave 
notice at the drugstore where he is a pharmacist that he would be 
moving to Las Vegas —four years ahead of schedule. 

Stefan Becker, 25^ boarded a tram Sunday morning, beading home, 
back to winter, and Boston. He had been an international development 
coordinator for a cable television entertainment network. He left with 
his earthquake survival kit —just in rase — ana no job. 

“1 wasVcusJu up in New England, he said at his farewell party at 
Grid Figaro in West HoDvwwd, lhia S s «»l You never lave 

a job without another job. The earthquake just shattered aD that 


Suddenly, I felt freed of Los Angeles. For me, personally, it’s not worth 
it — pending earthquakes, isolated people, hidden agendas.” 

New York and Los Angeles are still both destinations, cities that 
people dream of going to. ‘‘You get out of school and what do you do?” 
Mr. Becker said. “You go WesL” 

Or East. Both cities are also places that people talk incessantly of 
leaving — and, eventually, many do get oul In toe last few years, unto 
toe riots, rising crime, a series of natural disasters and, most significant- 
ly, toe persistent recession, the exit from Los Angeles has been budding. 
Last year, an estimated 426,000 Americans moved oat of Los Angeles 
County, and 256,000 moved in —for a net population loss of 170,000, 
according to toe California Department of Motor Vehicles. The state 
population growth rate was at 1.4 percent — the lowest in 21 years — - 
with Sou town California showing toe slowest growth rate in toe state, at 
12 percent, according to toe state government- 
No one. though, is suggesting that Los Angeles is going to lose its 
vibrancy, in fact, foreign immigration continues its rapid pace, and to 

See LA, Page 4 






rfear 




^ J* ■. '5, J ^ 





U.S. Seeks Approach to Burma on Rights 


By Thomas W. Lippman 

tYashiagion Post Strike 
WASHINGTON — Seven 
months after President Bill Clinton 

ordered an interagency review erf 

UJS. policy toward the pariah gov- 
ernment in Banna, his foreign poli- 
cy advisers are still looking for 
ways to increase pressure on Ran- 
goon to improve its human rights 
performance. 

The challenge they face, accord- 
ing to a dminis tration officials, is to 
muster more international efforts 
to isolate the Burmese junta over 
human rights issues without under- 
mining parallel efforts to persuade 
the military rulers to crack down on 
heroin trafficking. 

Mr. Clinton openly has support- 
ed Burma’s most prominent politi- 
cal dissident, Daw Aung San Suu 
Kyi, but several members of Con- 
gress have been agitating for a 
more decisive confrontation with 
the Rangoon government 
The policy review has been pro- 
longed. an administration official 
said, because several agencies in- 
volved have differed over tactics. 
But the official said those in Con- 


gress and in human rights groups 
who think the administration is wa- 
vering are wrong. 

“There is no sentiment in the 
upper, reaches of the foreign . 
leadership that we should be 
ing off on Burma,” another official 
said. “The issue is, are there ways 
we can be better engaged in the 
effort to support human rights and 
democracyr 

The junta’s decision to allow a 
US. congressional visit to Daw 
Aung San Suu Kyi this week appar- 
ently was intended to influence the 
administration policy review and a 
forthcoming United Nations hu- 
man rights report, according to 
lf.S. officials and other analysts. 

"This could be a hopeful sign,” 
an administration official said, 
adding that the government was 
“somewhat encouraged" that one 
prominent Burmese official has 
said a political dialogue with Daw 
Aung San Suu Kyi might be possi- 
ble. 

Given Burma’s record of human 
rights violations, narcotics traffick- 
ing, political repression and the 
largest outflow of refugees in Asia, 


“we have a classic debate,” a senior 
official said. “Do you engage and 
hope to influence? Right now, we 
lean more toward isolation." 

H uman rights groups, the Clin- 
ton administration and Yozo Yo- 
kota, the UN special monitor on 
human rights in Burma, agree that 
the junta has (me of the most dis- 
mal human rights records of any 
government. 

Washington also accuses the jun- 
ta of open cooperation with opium 
producers ami money launaerers 
responsible for most of the heroin 
entering the United States. Under 
current U.S. law, Burma’s narcotics 
record requires that Washington 
vote against any loans to Rangoon 
by the World Bank or other inter- 
national lending agencies. 

Some members of Congress, led 
by Senator Daniel P. Moynihan, 
Democrat of New York, want to go 
further. Mr. Moynihan and 19 oth- 
er senators from both parties told 
Mr. Clinton in October that “noth- 
ing less than a change in govern- 
ment” would lead to an end to 
hitman rights abuses and a reduc- 
tion in the flow of drugs. 


■ A Step Toward Freedom 

In what diplomats described as a 
significant step toward freedom for 
Daw Aung San Suu Kyi, Burmese 
government-controlled newspapers 
ran a transcript of remarks Friday 
in which the imprisoned opposition 
leader and Nobel Peace Prize laure- 
ate was praised as "a woman of 
passion and commitment” who 
“stands for the best ideals of de- 
mocracy,” The New York Tunes 
repented from Bangkok. 

Diplomats said it was the first 
time since 19S9, when she was 
placed under house arrest, that 
r ----- - san 


Suu Kyi had appeared m an i 
government pubheation. 

The remarks were made on 
Wednesday by Representative KH 
Richardson, Democrat of New 
Mexico, who led a delegation of the 
first nonfamQy foreign visitors to 
see Daw Aung San Suu Kyi since 
her detention. The text of his re- 
marks praising the 48-year-old 
leader was published in the Bur- 
mese and English language editions 
of The New Light of Myanmar, the 
principal government newspaper. 


Longtime Tensions Keep India Lagging 


By Edward A. Gargan 

New York Tima Service 

PAWN A, India — A shredded strip of as- 
phalt winds toward this village, passing through 
mile after mOe of wheat and rice fields. Along 
the road men and women bear unruly bundles 
of wheat stalks on their beads. An occasional 
battered bus rfiuddera down the narrow track, a 
sporadic link with the outside world. 

Along one edge of Pawna, where the houses 
are made of concrete and some have pillared 
porches, live the higher castes — the Thakurs, 
the Br ahmins 

Nearby, in adobe huts and small concrete 
bouses, are clusters of a backward or disadvan- 
taged caste known as the Mahto, and segregat- 
ed in little pockets of wren mud huts and a 
s cattering or rough brick hovels are the un- 
touchables. whose very touch some Hindus 
regard as polluting. They are among India’s 
poorest ana most despised. 

More than 70 percent of India's people live in 
villages, where their habits, customs and tradi- 
tions have changed tittle over the centuries even 
as economic and political forces have changed 
around them. 

For two years, the government worked to lift 
state ownership and regulations on the econo- 
my that critics say led to corruption, inefficien- 
cy and stagnation. The resulting growth has 
mostly benefited the country's educated middle 
r.l«« of about 120 million, especially in Bom- 
bay and Bangalore. 

While many Indians are achieving extraordi- 
nary levels of prosperity, the fact that so many 
have been left out has led to political appeals to 
sectarian prejudice that have weakened India's 
long claim to secularism. 

To counter a wave of secessionist insurgen- 
cies, India has resorted to what human rights 
groups say has been increasing use of torture, 
nspnsonmeni and even murder by the police 
and army. 

The tensions of caste, religion, corruption, 
secessionism and a weakening of democratic 
values collaborate to keep India well behind 
many of its Asian neighbors with rapidly grow- 
ing economies. 


Here in the village of Pawna, for example, 
upper-caste children tend to be educated, while 
lower-caste and untouchable children are kept 
from schools. Village disputes over water and 
land quickly erupt into caste conflict, with caste 
massacres a pe rsisten t feature of rural India. 

Same experts foresee a rising tide of caste 
violence as upper castes ding to their privileges 
: the claims of lower castes and untouen- 
This has led some to conclude that the 
upper-caste control of land and political power 
is going tn diminish. 

Perhaps the strongest force that may be 
weakening upper-caste control is die economy. 
India ha< quickened effort s to dismantle the 
socialist edifice of state planning and control, 
opening its economy to outride investment, 
which has led to glimmers of sustained econom- 
ic growth and new jobs. 

In fact, the process of economic liberaliza- 
tion cuts both ways. It makes it easier far upper 
castes to make use of the privileges they have to 
advance themselves even further. 

But there is some evidence that the growing 
cracks in the eco n omic structure are making it 
easier for some lower castes to enlarge their 
horizons. 

From a 1.2 percent growth in its gross domes- 
tic product in the 1991-92 fiscal year, India’s 
economy is now expanding at 4 percent a year, 
less than its East Asian neighbors, but steady 
nonetheless, and there is a great distance to go. 

Fully half of India’s 880 million people live in 
absolute poverty, more than half are iDiterate, 
fewer than 10 percent have access to sanitation 
and of 1.000 children bom, 142 die before the 
age of 5. 

When P. V. Narasimha Rao look over as 
prime tninistw two and a hnlf years ago, India’s 
industries, particularly its slate-controlled be- 
hemoths. were inefficient, produced shoddy 
products and most were bankrupt. Its farmers 
were the least productive in Aria. And tbe 
country's infrastructure, its power, water and 
telecommunications grids were inadequate and 
degenerating further each year. 

Mr. Rao chose a nonpolitician, a respected 
economist named Manmohan Singh, to mold 


tbe program of economic liberalization that 
was to bran resuscitating the economy and to 
launch India into the global economy, where its 
Share of in terna tinnaT trade had dinwk <oncg 

independence to a mere 0.6 percent. 

Mr. Singh loosened some controls, eased 
rules for foreign investment and devalued the 
rupee: He mlfay) about shedding thousands of 
unprofitable and inefficient state industries, 
but has taken no steps so far to do so. 

Trepidation and self-interest have stymied 
economic reform, but mare troubling doubts 
arise over a struggle for India’s identity and its 
very history. At the core is the tension between 
Hindus, who make up 85 percent of the popula- 
tion, and Muslims, who number about 110 

milli on 

Hie most viable, and violent, confrontation 
is the secessionist guerrilla war in Kashmir, a 
war that has reinforced for many Indians, Hin- 
dus in particular, a sense of geographic isola- 
tion in a sea of Islamic countries and has fed 
anti-Muslim prejudice. 

A recent report by Amnesty International 
said “disappearances” are now systematically 
practiced by the security forces. And, the report 
declared, “Government officials have subvert- 
ed legal proceedings initiated to clarify ’disap- 
pearances.”* 

Ravi Nair, the executive director of the South 
Asian Human Bi ghts Documentation Center. 
India’s only nonpolitical organization that pub- 
lishes detailed reports of violations across the 
region, said that while the extent of abuses was 
beyond doubt, the larger victim was India’s 
very democracy. 

“The Vale of Kashmir for the last five years 
has only seen tbe veil of mothers, orphans and 
relatives of people who have disappeared,” Mr. 
Nair said. 

“The democratic edifice, contrary to interna- 
tional perceptions, is very weak in India," he 
said. “It is weak because democratic attitudes 
are skin deep in all sections of society." 

Editor's Note: The writer of this article recent- 
ly completed two and a half years as head of the 
New DeOd bureau of The New York Times. 


RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS rJTERNATKJNAL CHUR- 
CH fc tentenonte a t i orwi ft Ev a noefcal Sun- 
ilay Swvfco 1030 am /’Kids Wctom Oe 
CusHstraat 3, S. Amsterdam Ho. 02940- 
1531 6 or 025Q041 399. 

MADRID 

M7EHNATX3NAL COMMUNITY I 
Cofcno B Pwvenr. Bravo Mule 85. 
Madid Worship. itfcOO ajn. Rev. James 
Thomas- Tel: 8S8-5557. 

MILAN 

ALL SANTS CHURCH (AndearVErfecopefl. 
tlhnq retfora Uun wE met a Vale Majno, 39, 
t Mona in the Chapel d Vie Osoftie Institute. 
Holy Communion Sundays at 1030 and 
Wednesday at 1930 Stxxfey School. Yoirfi 
: Corfw.CaBee. study 7 am and 
ac&vtaes. AI am welcome! Cal 

(02) 655 T 

MUNICH 

NTERNATIONAL COfcMJNTTY CHURCH 
Ewai uefcot Bi>ia Bofcvirj, aatvftm n &x*- 
sh An 5 pm. Smdays at SihuberSB-. 10 (02 
TherestaK*.) (069) 5*34574. 

MONTE CARLO 

JNTL FELLOWSHIP. 9 Rue Lotis-Ndan. 
Sunday Worship 11:00 & 6 pm. 
Tel: 92.1 65600 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Evan- 
. Sift. 930 am. Hold Orion. Metro 1 : 
1 de La Wfense. TaL 47.73S3S4 
or 47.75.1427. 

SAINT JOSEPH’S CHURCH (Raman 
Cathofic). Masses Saturday Evertng R30 
pm.. Sunday. 9:45. 11:00. 12:15 and 
630 pm. 50. avenue Hoehe, Paris 8th. 
TcL 42272856. Metre Oaks de Gads - 
Bote. 

LAV-LED WORSHIP SERVICE ON 
■POVERTY". Unllifan IWversais! Feknvshp 
of Paris. February 6. at 12 noon. Foyer de 
TAma. 7 bis. me du Pasteur-Ww**. Pans 
11*. W Bastfte Atamans serves ftbrutey 20 
at member's hone. HeSgous education tor 

teens and ehfcjren. QW cm. MecBation and 
spiritual ptmfti groups. Social actMtea. Far 
Wwmafcn caa 437999.37 or «.7796.77. 

STRASBOURG 

ST. ALBAN (Angfcan) a fE^sa cfes Oerter- 
cans. Eucharist 1030 am. comer BM. de ta 
Vidoira 8 rue de Itlrinfersite Strasbourg 
(33)68350340. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near Bdabastv Sm. TeL 3261- 
37-*a WOTNp Service: 930 am. Sundays. 

TOKYO UMON CHURCH near Or«esar>- 
do sutway sa. TeL 3*000047. Woshp sa- 
uces Stray 830 & 110} am, SS at 9:45 
am. 

V1H4NA 

VCNNA CHRISTIAN CENTER. A CHARIS- 
MATIC FELLOWSHIP FOR VIBWS IN- 
TERNATIONAL COMMUNITY. * Engfah 
Luggage ' Tian&denonvtationaL meet s a! 
see 17, 1Q70 Vierrt* SCO pm Every 
y. EVERYONE IS WELCOME. For 
more nSsrmaticnca*: 43-i^iB-74io. 


FRANKFURT 

CHURCH OF CHRIST THE KING 
(^nooptfAn^ca^ Suv Hofe Otatnuton9 ft 
ft ant Stntey School and Misery TCM5 am. 
Sebaatan FtezSL 22. 83323 FtarwutGarra- 
ny. U1 . 2. 3 MqurfMta. Tel: 4B«9 55 01 84. 
GENEVA 

BtMANUB. CHURCH 1st 3rd & 5B» SUL 10 
am Eucharist 8 2nd & 4th Sun. Morning 
Prayw. 3 me de Montxwx. 1201 Genera. 5*4- 
zertandl TeL 4U22732 80 7a 

MUNICH 

THE CHURCH OF THE ASCS6I0N. Sul 
11:45 am. Holy Eucharist and Sunday School, 
Nursery Care provided. Seybotftstrasse 4. 
61545 Munich (HartacKng). Germany. TeL: 
4989 64 61 85. 

ROME 

ST. PAUL'S W5THN-THE-WALLS, Sul 830 
am. Hdy Eucharist Rte 1 1030 am Choral 
Eudferis Rte R 1030 am Ouch Schod tor 
chkten & NUsenr care prewdset 1 pm. Spani- 
sh Euchanst Via Napofi 56. 00184 Rome. 
TeL- 396 488 3339 or 395 474 3933. 
WATERLOO 

ALL SANTS CHURCH. 1st Sul 9 & 11:15 
am Holy Eucharist wBi Chldreris Chapel at 
1 1:15. AI ofer SuWays 11:15 amHofeEu- 
chanss and Stndav Schxl. 563 Chauxsee de 
Louvain. Otan. Betgkm TeL 3Zffi 304-3556. 
WIESBADEN 

THE CHURCH OF ST. AUGUSTWE OF CAN- 
TERBURY. Sun. 10 am Funfty Eucharist 
FrarWurter Strasse 3. Wiesbaden. Germury. 
TO.- 49*611 3056.74. 


DARMSTADT 

DARMSTAOT7QERSTADT BAPTIST MS- 
SON. Bite study & WtaraNp Sunday 1030 
am Stedtirasscn Da-Swrst*t, BuascfwteJr. 
22, BUe study 930. woretip 10:45. Pastor 
Jim watte TeL 061556009216. 

DUSSELDORF 

NTEFWATIONAL BAPTIST CHURCH En- 
gSsh. 3 s. 10m worship 1105. CMdran* 
chuth and misery . Meeto 0 ! fie Irtematimai 
School. Leuchtenbuger Kindiweg E.DKai- 


FnmcJyfa 

Hons welcome. Dr. WJ. Delay. Pastor. 
TeL 0211 MOO 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Evangefech-FtehirchfidTe Qemende. 
Sodenerah. 11- 1 ft 630 0 Bad Honteug, pho- 
ne/F&c 06173-62728 serving the FtariAxi 
and Taunts areas. Germany. Sunday wer- 
shp 09-.A5. misery * Suxfcy-schod 1OTC. 
nremen's btte studes- Hctsesw* * Suv 
day + W ednesday 1930. Past or M. L erey. 
■neuter European Oorrertel Do- 
dan Hs gkxy amongst ihe natiens.' 
BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dactehag 92. Rarfdul aM. 
Sunday worship 1 130 am and 6330 am. Dr. 
7 homas w. HRpastor.TeL 0 » 5 ^» 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TASEA FEST- 
SAAL. AM ISFQD 19. HarrtourgOsMorf. 
BUe Skte al 1 130 & Wdrshp at 1230 eedi 
Suxfery. Tk: 040820616. 

HOUAND 

TRMTY BAPTIST S5i 93(L Woraho 1C3a 
nursery, warm feSowshrp- Meets at 
Btoemcamplaan 54 m Wassenaar. 
TeL 01751-79334. 

MOSCOW 

NTERNATIONAL BAPTIST F3JJCV/SHIP 
Meefing HOC Kino Center Buk^g 15 Dm- 
Dtude-r toftfca yaULEteFtoor. Ha»6. Metro 
Stafian Banfcadwya Pastor Bred Seariey Ph. 
(095)1503290. 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH Hctstr. 9 Enobh Language Ser- 
vices. BUe study 163oTWorstnD Serves 
1730: Pastoft t tene : 690853*. 

PARIS and SUBURBS 

01AMNUB. BAPTIST CHURCH S6 Rue 
des Bons-Raisins, RueH-MaSmaison. An 
ErengeScal dudi tor ihe Engfish spsatong 
community located in tne western 
subuts£5. 9:45: Yfarshp: 10:45. CMden's 
ChwJ) and Misery. Yviih m nis b ie s Dr. 3.C. 
Thomas, pastor. Call 4751. 29.63 x 
<749.1 539 for rfemaotn. 

NTERNATONAL BAPTIST FHICVJSHP. 
630pm. 123 av. du Mara Mo Gate Near 
fBTtwMcrRamassa T tv e*enrg hm# 
of Emmanuel Baptist Churcn. Con 
4751 2953 a 47 <31 523. 

PRAGUE 

Memational Bapfat Foto o ho at the 
Czech Baptist Chur* VinahraCsfca • 53. 
Prague 3. At melra stop Jsfnz Pcdebiad 
Sunday a.m. 11:00 Pasior Bob Ford 
(CP) 311 0833 

WUPPERTAL 

Wem a ao nj l Baptist Church Eng£sh. Get- 
rren. Peraart Wcretip 1030 am. Setesb. 
21, - Bberted. A3 denemnstim 

welcome. Hans-Dieter Fraund. pasior. 
T6L020&4696394. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH o* 
waders** (Z&xhL Stezeriand. Rosertwg- 
strasse a. Worship Services Sunday 
momngs 11 50. TeL 1-70C2812 


EUROPEAN 

BAPRST CONVENTION 


IHE EPISCOPAL CHURCHES 
OF EUROPE (AngScon) 


PARIS and SUBURBS 

THE AMgHCAN CATHEDRAL OF THE: HO- 
LY TTWffTY, §t*L 9A1I am TO am Sin- 
day School for children and Nursery care. 
Thtd Surdity 5 pm Evensong. 23. avenue 
Georgs V. Pars 75006 TeL 33rt 47201792 
Meter George V or Akna Maeeau 

FLORENCE 

ST. JfitJES CKJRCH. Sin 9 am. Rta I & 
11 am. Pile II. Via B erna r d o Ruceflar 9. 
50123. Florence, ta*. TeL 3955 29 44 17. 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
meets at tfitXX Bona Nora Baptist Chudi 
Carmrda ta Cuts de BMaguer 40 Paster 
Larros Borden, Ph. 410-1661. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH. 
8ERUY. RtfenburgSfr. IS. (StogfcJ- Btte 
study 10.45. worship at 1Z00 eatfi Suday. 
Chafes A. Watford. Paster. TeL 030-774- 
4670 

BONN/KO LN 

THE INTEFNATlCNAL BAPTIST CHURCH 
OF BONN/KOlN, Fhetnau Stiasse 9. KOte 
Worshi p 1.00 p.m. Calvin Hogue, Pastor. 
TeL (02236) 47021. 

BRATISLAVA 
BWe Study hEngSsh 

Pafeady BaptS Church Zhnskeho 2 1630 
1745. 

BREMSI 

NTEFNATIONAL BAPTIST CHURCH (Ere 
gteh larpage) meats A Evangefctvfteta- 
chich Kreuzgem ei nde. Hohemohestresoe 
HemarrhBcseStr. (arouid Ihe comer bom 
tire Bahnfch swxtoy worship 17 M Ernest 
D. Wjto, pastor. TeL 04791-12B77. 
BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
5trada Popa Ftesu ZZ. 330 pm. Contact SB 
fWwten TeL 01091-61. 

BUDAPEST 

Memattvte Baptist Felawshex I Btefeo u 56 
(man « P a rcs Tapoto sa rtyi u. 7. temM 
betirc tort entrance). lOSOB&festixh.&OO 
pmPasnrBcbZbrdon.TeL 1156116. 
Readied by bus II. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
Soto. Grand Nanxfco Soinxre Squam Wor- 
ship 1 1 :00. James DrAe. Paster. 
TeL 704367. 

CHLE/ HANNOVER 
INTERNATIONAL BAPTIST CHURCH. 
WnoreJen Stiasss 45. Cetio 1300 Worhip. 
1400 SWe study, Pxtor Wert Campb* Ph. 

(05141)46416. 


: (06128)72109. 
1(022} 7741 596. 

(08221) 76-2001 or (0621) 

5BT71H 

t (OBI) 6B1 -0719. 

: (0821 147-24-86. 

6(071) 14-09B8. 

NURNBERO/FRANCONfA: (09111 
46 7207. 

PAIttSs (1)42-77-96-77. 

! (052)2137333. 
tf«J (821)59-1 TIB 


ASSOC OF NTL CHURCHES 
N EUROPE &MBXAST 


UMTARIAN UMVBSAUST5 


UMTAR1AN UNIVERSAUST fetowslws S 
ocntects in Etsope todude: 

BARCaaifc {05 3149154. 

: TeL- (02)6600226 


BERLIN 

AMERICAN CHURCH IN BERLIN, cor. of 
Ctey Atee ft Pc fe ctamer Stir, SS. 930 an. 
Wbrshp it am TaL 09OB1 32027. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSaS. Suxlay School 
930 am and Chuth KMS am Kattfrtxsg, 
19 «ai the Bit. School). Tel.: 673.0551. 
Bus 95. Tram 94. 

COPB4HAGEN 

INTERNATIONAL CHURCH at Goperfagan. 
27 Fanremada Variov. near Hldios. SWy 
10ri5&Wtorahp 11 30 TeL- 31624785. 

FRANKFURT 

TRJ4I7Y LUTH8WN CHURCH, Mteungan 
Alee 54 (Aooss tan Bugs Hotpta l), &n- 
day School 930. HOttfte 1 1 am. TaL (069) 
599478. 

GENEVA 

EV. LUTHERAN CHURCH ot Geneva. 30 
rue Ventetee. Strrtjy eorshp 930 in Gen 
man 1130 n Engtot. Te£ (022) 31O50 l89. 

JERUSALEM 

LUTHBWi CHURCH d fw Redeoner. Ou 
Cay. IA?stan Rd. EngSsh worship Sun. 9 
am At are Mlooma Tel: (02) 281-049. 

LONDON 

AMERX^N CHURCH * Londen at 79 Tct- 
fernam CL Rd. WL Wor^ip at 9-00. SS al 
lOManuSurnworchtealTl am Goodw 
SL Tuhe: Tet 071^002791. 

MOSCOW 

MOSCOW PROTESTANT CHAPLAINCY. 
UPDK Hal. UL Ufcta Patna 5. bldg. 2. Wear, 
shp 9 * 1 1 am SSL TeL 143356a 

OSLO 

Amencan Lutheren Churrfx Frtznersgi. 15 
Wgrshv & Sunday School 10 am. 
TeL (02)443554. 

PARIS 

AMERICAN CHURCH N PARIS. WtaNp 
1 iflO am BS. Qua tfOtsay, Paris 7. Bus 63 
door. Metro AyroMareeau or trurafttes. 
STOCKHOLM 

8JUAMCL CHURCH. WoraNp Christ n 
Swedish. Engfah. or Korean. 11KM am. 
Sunday. Birger Jartsg. al Kungstensg. 
17, AVO& I 15 12 25 * 727 lor more 
rtomaBon. 

VIENNA 

VIENNA COMMUNITY CHURCH Svxlay 
wcrship m EngTsh 1130 A.M., Sunday 
schod. rustry. rte w ti wa , B denomtea- 
tac wetane. Oadhee^stia 16. Vferra 1. 
WARSAW 

WARSAW INTERNATIONAL CHURCH. 


Aug.): Sunday School ft55 (SeprAday) UL 
Modcwa 21 . Tel: 4329-7a 

ZURICH 

NTB*teTONAL PROTESTANT CHURCH 
, wgrichfe service. Sintey 



BACK TO CHINA — Tbe wife of Lin Weoqiang, a Cbmese 
asylum seeker who* hijacked a Oana Swtibwest Aiifines 
Boeing 737 to Taiwan, being dragged back aboard the plane 
Friday . She and her two sods and mothor-in-law wwe returned 
to China, but Mr. Lin was detained by tbe Tmpei wthorities. 


WORLD BRIEFS 


ILOV CSl^ in Iran 

GENEVA (AF)— Iran continues to rdy hcav^y on a xraof exec*-; 
tiring to rt ure , rqnrssion and intintidation to enforce obe^^e to its 

The report, to tbe UN Connmsaon.on Hummi Rigats sw despfcs 

*■ -. land <Jwi Mi iini«teid aDnarenfly-Cdilin~ 

loT about 


September and Decemoec, anuuisi ihctc wa» 

Sme and fiftteatiraait, 

zmbfic statements cf repentance* ormfonn on 4c O^ganrzatKxa tbey 
..bdongta*' ’J - , • 

Germans Free Accused War Crimihal 

: BERLIN CAP) —One of-Gennany , & last i Wg Nazi w.cmucs trials 
ended Friday wah freedom feff a ^yeawJdLatnan teboas ajpolice 
commander m occupied Utvia alleged^ ordered the raanaorof more 
than 170 civilians. ■ 

1 After focr years on bial for nnirdcr, Brfcriay Mailcovsbs was ( kerned 
too stricken with heart disease to endure anottoroart appc^m^Ttie 
former UJS. rerideat had last been in court nt Deranroffi Hekft the 

United States m 1987 to amid deportation to theSo^ Union, raiHeht; 
had been sentenced to death in abswtift22iiea£seari«x : / 

German authorities arrrated Mm athrehraBsterhtMje mO^ff 1988 
and put him on triaTtwo years later. He was able to avoid extradmon to 
the Soviet UntoribeoniseGennany iwflnotdq^ anyone ipawmaym 
whichthey awld face flieriealh paialty.Mr. Maflrovskis was nottn cart 
Friday when an expert medical witness testified that *Tiis heart "was m 
^4i ftet wren -the lightest erdtement cockl cause it to.stop, a 
cart spokesman aauL- 

4 Dresden EU^itists HeUin Assault 

DRESDEN (Reuters) — The poKce in ihe stale of Saxraty in &swq 
Genuany arteaed four rightist youths Frida y on gn spkaDP of havmg 
kidnapped and attarmted to murder a ldtist opponent 
The police said tbs nghtists, ages 17 to 21, severely beat thrirnettm, 17, 

cm F«*. 27ie victim had beat Sentified by dKattadtm as an activist in 

theaniHasdstmovaxwit. , 

' Lefti st groups have been on their guard against attacks by ngnnst 
thugs following die publication by neo-Nazis last year of a list of 250 
leftist opponents. 


BEIJING (Reuters) —A stamppde l 
station in the ccntral Otinex city of T 


Mercenaries or Not: 
A Dispute in Israel 


& Nurjwy, Smlays 11 JO am' 

Scharaar^sse 25. TeL (01)2625525. 


By Qyde Haberman 

New York Tima Service 

JERUSALEM — It is almost a 
ritual for young Israelis to travel 
the world as soon as they complete 
their compulsory nnhtary service. 
The more exotic tbe destination, 
the better. 

But several dozen new army vet- 
erans who signed up recently to 
train Congolese gpvcnnnestt troops 
have raised questions about wheth- 
er they carried the spirit of adven- 
ture too far. 

The Defense and Foreign minis- 
tries, which approved the Congo 
mission, say no. These are not mer- 
cenaries hirin g themselves out as 
fighters, they say, but instructors 
and advisers openly hired by a gov- 
ernment that had gained power 
through democratic dectioos. 

Several members of parliament, 
however, say Israel should with- 
hold its official blessing from do- 
zens who go into ihe military advis- 
er business. 

Tbe lawmakers are supported by 
parents of some young volunteers, 
unhappy that their sons, having 
survived combat duty in the Israeli 
Army, are now trooping off to a 
Central African country racked in 
recent weds by ethnic violence 
that has claimed hundreds of lives. 

Protests by two parliament 
members from Mcretz, a party in 
Prime Minister Yitzhak Rabin’s 
coalition, held up tbe scheduled de- 
parture recently of more than 30 
young men for Brazzaville, the 
Congolese capital. 

But government officials say tbe 
delay may be temporary and that 
the men, some of tnem veterans of 
army undercover units in tbe occu- 
pied territories, may soon join two- 
dozen Israelis already in Congo. 

The dispute received consider- 
able media attention here in recent 
days, and even though officials 
play down the criticism, it touched 
off a debate on lsraeTs military 


rifling s , especially with stru gg li ng 
African countries. 

According to some estimates, 
more than 2,000 Israeli military in- 
structors have worked in Africa 
over the last three decades, from 
its in Uganda to paratroopers in 


pDotsi 

Zaire. 


i at a 

dozens of people 
^officials said Friday. 

Newspapers id Hong Kong said more than 40 people had died An 
officia l at the Hunan provincial farefen affairs office said dozens of. 
petmle had bear killed, bat added-.tiiat me total was tikdy fewer than 5(X 
C^tf s ooittrcJliedsatte media, ^d not cany any reports of the accident, 
whidi happened Tuesday. _ 

TT^ngyjmg h re pHa) workers said the stampede apparently occurred 
what passengers attempted' to change trams: The dty is a major transit 
point an the nocti^sonm fine Uniting coastal dfies and interior regions. 


MTTAN iffteniera) — foosccgtocsen Friday r ecO romended that 102 
persons, indDdmg BettiqoChDp, ftfonrrtpnane nanister, should stand 
trial on conuptian charges iricannection with tte bmkfing of part Of 

drtamrne if 'ti^iSJ^rt^idence for Intis was^rfo Apriffi.; . 

. Dcf cpdantaindndc three fopperaaentivet of theMa rt^^o^F lri 

paid about -$1 zoBHon in -bribes to pchtkiaiis^ for. subway contracts 
Mweeri. 1987 and 1990. •” ' /■ V ; ; ‘ 

in connectiosk with the project, winch '^SS'aAEni fine to^fctranspori 
system in the late 198 (b. Mr. Chbd prime nnmster from 1983 to 1987, 
(kotinated the SodaHst Party nntil he was farced to step down as its 
leader last year becanse of tte investigations. 


fix the past, they weresentby tbe 
govomnent itself’ <rftca it the 
that puzdiases of IsraoB-made 
tary equipment would fdlow. 

Latdy, tins service has been pro- 
vided by private cmnpanies run by 
former generals, their ranks filled 

by weB-trained menfresh out of the 

army. One such company, Levdan, 
was smd by officials to have a $50 
milli on contract with the Congo- 
lese government to train sddiera. 

Young veterans rccrmted:by' 
Levdan were reportedly offered 
S2.500 a month pins expenses; 
which is a lot of mongr in Istad. 
especially for a 22-year-dd not sure 
where be is headed in civilian life. 

Nothing was out of line; said 
Oded Ben- Ana, a spokesman for 
Mr. Rabin. And since a legitimate 
government had donethehmng, he 
added, there was no reason to mock 
Levdan. 

“We will give the Congolese sol- 
diers basic infantry training,” 
Haim Bono, a company official, 
told Israeli reporters. “What the 
Congolese government wants is to 
tom an okwashicoed Soviet-style 
anny into a modem. Western army. 
We are now doing as a private 
company what the Israeli govern- 
ment has done for years. We are 
not mercenaries. Nobody here is 
fighting." 

Concerns rose here with reports 
that Congolese anti-government 
forces were looking to recruit then- 
own Israeli instructors, touching 
off alarms that Israelis would be 
fighting each other in a- faraway 
land 

The reports are “nonsense,” Mr. 
Ben-Ami said. 


For the Record 

■ 'A'-Gonkm.. . . 

!“!tamhtod Fi^^.^Jd^WMhnrL^&bonSj^IntMaffimtbelxszfere, 
at theooaitiipnse,' a lax office and another offirialhrolding. -’ - ± fAP) 

■ President Leonid M. Krsrdnk of Ukraine ^wiil meet Pi^dem,iaiB 
CSntoo during a visit the United States from March 3 • (Redon) 

V V I 

Russiali^edto Revan^AirContoJ 

MOSCOW (AP)— Air safety In Rnsnafr three tofamtimmwooe 
than in Western comdries, gorcnmert e35>t^ ^ Fridty,- A 
recommendedapropam tomodcmizeRnssia’s fhgfit-control systomand 
make it cmxqntfirte with intemational standards. 

Since the Spriet odlmse, Russia’s skies have bccome increasmgly 
unsafe becanse of poor plane manttfl naoee; labor mmest «nd endank ■ 
dispates. 

Aeroflm, whidi had been the largest airline in the world, with 4,000 
aircraft, spfitinto scores of analfcr carriers. Many ignored safety and let 
their pfanes fly overloaded. Izve^a said tins month tiutt-The average 
Russian passenger plane is 20 years old. The daily mgedlfce government 
to start buying Western planes and nttri gational equi p m e nt': ' • 
Goman nd American offidris rigned an agrcflwest ibr the United 
States to hand over half -its Rhem-Mam airbase far die dnrifian xse of . 
Frankfort airpaK^ officials sad Friday. The accord mchidira shifting UJS. 
military caxgp emits to Ramstein to sake room f dr the transfer by the end. 
of 1997. Tbe base was America’s key stigmgpaint in Eunqjcfor the Golf 
War and intervention in, Somalia. t ._ , v . . (Beuter^- 

SLM wtl halt f^Us from soafrern BoBmd to Gatwidcn cfMani Z7. 
Royal Dutch Aidmes said it had ridfered ‘Tncreasmg losse^* on the 
Maastricht-Em dhovea-Ixgxkm tnp in tire last four years - - (AP) 

Japan Ak Lmes said Friday it had app&d to the Tbnspumtion 
btinatry to introduce, ^scramt rates <ai r^nlar fl^us from Tdiwo to 
Enrcpe from April through September. The discount fares would be oa.- 
awrage 43-1 percent lower titan canrat fares, lix coinpany said. (AFP) 
Serious exhne iraorted In New York CUy sribwtys frilby lO percent 
fast year, andbasdeefinedby more than one-tltird since l990, the transit 
poEce annoiniced.-Fdomei Tepgted to.tiie pttefe, inffedfag homkadeC. 
rapes and attempted rrees, robberies, serions assaults, btngfaoes arid 
grand iarceafas, fdl to 11,763, from 13250 in 1992. Ibc figure eqo^s 
about 32 fdoraes a day, down from 50 a day in 1990. .. . (NY7) 


As Crime Goes Europewide, So Do Police 


By Marlise Simons 

New York Tima Service 

THE HAGUE —The transition 
to a Western Europe “without bor- 
ders" in 1993 was bailed as a great 
boon far traders and trawlers, yet 
barely a year after internal customs 
controls ended, there are signs that 
gangsters are also happy with the 
arranacmenL 

Vehicles crisscrossing tbe 12-na- 
tion European Union are no longer 
checked for mega! drugs, stolen 
goods, smuggled arms or plutoni- 
um. The <M restrictions on moving 
money within the region have been 
dropped. 

A measure of bow much member 
governments are worried that they 
may have created a field day for the 


underworld is that they have pot 
aside police-force rivalries and are . 
muring to a new fonn of integrated 
law enforcement to confront orga- 
nized crime. 

Tins week tbe region’s new po- 
lice agency, EuropoU officially 
opened for business. After several 
years of talks and 17 months of 


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and their staff have moved 
into Europors discreet red-bride 
headquarters in The Hague. The 
staff is expected to double tins 
sammerand readz 300in two yean. 

In its first phase, the agency will 
be an intdligmce service, criflect- 
ing and analyzing information to 

^^Tforce. Later, its strata 
backers hope, Europol may ocm- 
doct its own investigations. 

“We’re starting off with drug 
traffic and money Iazmderin&” 
said Jurgen Storbeck, chief of the 
Europol team. "Those priorities 
wee set by the governments.”' 
Criminal groups have expanded 
their activities throughout the re- 
bod; be said, doubly favored by 
western Europe's lowering of bor- 
ders and by the frontiers opening to 
tbe East with the end of ca nna - 

TTiam- 


And mcreaangiy, Europeanpo- 
hce are beh^ dbaSenged by Rns-- 
siair gangs, indmfii® stoJanar 
and prostitution rings aodphiiank 
nm summers. Gangs in Poland, he 
said, have recently starred to pro- 
duce and nm ang^etanmesi 

Meanwhik, Enropol faces a for- 

midable taskamply to edket and 
diaribute mtdtigence on behalf of 
poEce forces of 12 ha&ms tint 
have ifiraarate levels of devdap- 
meat ana diffiaent l^aJ traditiouk. 

Even choosing a hmgnagg is 
proving tricky. Most governments 
agree that the agency shook! work 
in English, raifrer than tangle frith 
the union’s nine languag e s. 

The soa§ is that France, ever jail- 
ons of its fan gnag p, inasts that 
French become the seoood. official 
touts:. 

Gcrmasxy and &an^.which rip- 
prated tire use of Enghtii, ary now 
that if Preach fa added, that their 
l a nguage s maa be induded too. 

Police procedures also 


widely, compEcatmg 
task. In Nortoerh Europe, special-, 
fats say, faw-eaforcement agmtft 
make far more use id technical and , 
scientific tools to provide eridtaa*’ 
titan., they, do in France, Sprin arid 
Greece:- • ‘•“•''r? 


For afl tbe coW^ Biropcan . 

g BSc^fa h wer^B ^to^c^te jxtfr 

. harikmg to tnalring taiS, .StetSBgBS 
ar cheese, Ihcy have bera. very Mow 
.to harai n ii fa i fans affecting infra- 

Britain and Italy, far instance, 
have tough laws agamst xnori^.. 
laundering, while this may not be .. 
ancffoascitflte other eounrieh'. 

Privacyfawsalsovary widriy.In 
Italy, thepdice'can taptti^KHKS 
and faxes,' wfafieDerinuiik, Gennft^ -- 
nyand the NetoerinndsforiKd deo 
tirmic survallaiice. -V 
On ihfrpoatiy^ade, some 
dans oemtend, Enrood fa- 

equated to deal' v 

d^crng gagam sttlg enyiroa- 

■ mbit or the growing fraud n gmK t 

: the Enrc^banTfrtion's own institoh 
.tarns, beraine Oommtm^ ^nties taisf- 
m those !' ■ 
.German CJrancellor Hdmut 
"KtM bas taken. Enropd under ho 
Ivmg and has indicated that he 




* 


JamSb- He ccoaden tins the-Tjest 
way 1 , fackfe csgamzed c ri me ,. 

Whtti bb has cdkd a ¥ cabcef- 
srecatfing;thfpagh the European, 


Ifrtprtme par Offpritd, Untie TEvanglle. 7 50 IS Parts. 


















USO 


INTERN 4Tinx A I RPB ii n TRIfiT : \TL SATURDAY-ST N DAY. FEBR I ARY I 9-20. 1991 



Page 3 




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political notes 


UAShtfUon fact^istJAM 


WASHINGTON -—The CSnton idn jgnjstrari op 
annouDctd'its long-atraited poGcyon, the use of 
romority jcfaoter&hjps, twra^th&WiiriKngby. 
the Bush a timmifi trafioa :that said many of than 
were illegal ''...■ ■ . -■• ' 

The new poficy eocoau^-criteges, some of 
which had stopped, offering tbesesdbolHixbips, to 
use them to promote diversity tm campus and 
correct historic: dKc mwinatiAn - . 

Recpgmzmg the. legal problems surrounding 
these scholarships, which lave been chaHenged la', 
court, the adnunistrationsaid the financial awards , 
thalseek to achieve a <Evase student body nmstbe 
“narrowly taBored,* A schbblinfiy have to show,/ 
for instanc e, that it explored other alternatives to' 
achieve diversity before awarding scholarships on 
the basis erf act - 

The policy alto .states thaicoBegeaid awarded ■ 
by raceorjtatio&al orison islesal when authorized 

' Kir n~ tn’erifl n-fiirl- - - * — _ - - ‘t . ■ - .1 


— .^federal stantte/soch sis the Patricia 
J Harris Fellowship awards for minori ties, 
“We want the doors to posi-secondary educa- 
tion to remain open for minority studentSj^sakl - 
Education Secretary Richard W. Riley. “Tfc&poK-'-. 
cy achieves that goal m a manna-thai is consistent 
with-the law." ' . 

But opponents contend that these' ^scholarships 
unfairly drscrimuiate rfgamy r white students. They' 
insist that race-specific scholarships violate the'. 
1964 Civfl Rights Act, .which prohibits discriurina- ' 
tiofl on the basis of race, color or national orijnn in 

fcw iAaA — — - 


“If* KaDy nof. in^oi^iv.ii^thc Department 
of Education saysat aD* because the issue will 
ultimately be decided by the courts,** sauLRiriiard 
A. Samp, chief counsel at the W«dungton“Legai 
Foundation. “My feeling is ihe. trend in the charts 
in recent years is to s trike dbwuwtuaDy'all race- 


Mr. Samp also repr esents Daniel Podberesky, a 
Hispanic student who sued the University of 
Maryland inT990 over their scholarships for Wade 
Americans. Mr. Podbereskyj now a senior, con- 
tends that the sAol mdimt vinlatedhrerivil right*: 

Nearly two-thirds (rfatl UiL colleges offer racifr 
targeted scholarships, but ance 1991 their legality 
has been in limbo, At that time , tfe lfidi wtamit . 
tration issued a policy that was viewed as severely 
. restricting colleges from using their own moneyfor 
mmority scholarships. Michael T- WHBanjs. then 


bead of the Education Department's Office of 
QyiT Rights, set off. a national uproar over his 
imerpretadon that many of these scholarships 
were Illegal. . “ ' 

Xaa month, the General Accounting Office 
found that minority scholarships accounted for 4 
percent of aS tire «bbterabip money colleges 
awarded and 10 percent of the money awarded for 
: Taw and oAct professional sebook 
. 1! Supporters of die schdaratBpsnse the figure to 
bWstff their.ajgameQi that these scholarships are 
vital to he national interest of greater diversity yet 
th^ account far a small amount of akL fWP) 

RrmBMtteofWhWt House Ties 

; . NEW.YQRK —.A tetter sat by KBDaiy Rod- 
. ham Qmton'sformex law fiiio to a potential dient 
bragged about the law firm’s connections with the 
Clinton administration, according to a copy of the 
letter obtained by CBS News. 

•I J Thc Rose Law Finn- has developed relarion- 
. .ships, with officials who are now in the Clinton 
■' administration and members of the Congress,” 
said the letter to a potential client in the (etecom- 
' imimcations field, as quoted by CBS. 

" It gjpes on to promise that the client's .position 
win bepresentea in a way that “wifi provide the 
T>te understanding by the deasonmakeis." 

• . A&wyerforrhcXittieRoci; Aribanras,fawfinn 
told CBS that “there was so suggestion of any 
improjpnety at aR w (Reuters) 

Touch of Ptnfcwyft for Pr— fctewt 

• v WASHINGTON — Preadart BiQ CSntcm says 
that the puffy, bloodshot condition of his left eye 
. ins .caused by oocrtmctmtis, bt« that his doctors 
hadtoldhimtheiirfectian would be cleared up in a 
■few days. 

.^hawalhtle'CCOTiiictiwta.rm fine,” he said. 

- "Hie doctor, says it’s great,” be added. ”1 just 
havRto take some drops and Hl be aD right in four 
ot five days.” f. Reuters, ) 

(Kioti/Unquote 

; Hugh Rodham, Hillary Clinton’s younger 
’ brother, recalling the time when they played rocket 
ship in the XannlY basement: “She would always 
drive and I would, always have to at in die back.” 

(NTT) 


~~ $ i".£ < .**• 



fmO- Futwcaftfe 


SYMPATHETIC SMILE —HBlaiy RodhamQintooiteiiffiaraittoflie National Instittdes of 
Health, having a chat frith a 3-yesr-old toy iritt jrfeB Rom a hendhay kidney disorder. 


U.S. Women Get Abortion Pill Offer 


■ By Ta mar Levin 

New York Tima Serna 

NEW YORK — In a move 
prompted as much by pKB tuc 
politics as practical code m aa. a • 
British dime will begm providing 
the abortion pfll RUA86 to Ainenr 
can women, but only rfthmr are 
willing to go to England and pay 
$500 to terminate their prepmaCT. ; 
- Helen Axby, director of the Ma- 
rie Stopes Health CfioicmLoo^ 
said Thursday that she had reacted 
an agreement with a represemanre 


to Ainericaiv women and other 
nonresidents. ; 

Until . now, British health au- 
thorittes havefrrfbsdden the drug to 
be di^xaisedlo nonresidcnCs. ■ 

Ms.' Mby-aud ibe^resdeovcrf 
Planned Iventhoodmlhe United 
&ates expressed hope dtat the iri- 
creasod avaflability of RU-486 
Twxddhdpmcreasepre ssox conthe 
Frabdl ccHBpany that owm 
to the (hug to aflbw Bs sale ihithe' 
United Smes..- ' , V.. : ‘ 

.“We darifiedthe rutesrina con- 
vasatioD yesterday wiibcEeof the 
people in the' ' * ’ * ^ J ‘ 


Kevorkian Is Ordered to Stand THal 


Russians Detail U.S . Pressure on Missing GIs 


Sen- J'ofi Times S* n» 

WASHINGTON — Russian officials 
lyrnplynwl in November that State Depart- 
ment officials were discouraging them from 
releasing documents about prisoners of war 
in Vietnam, according to a classified cable 

made available by US. officials who are 
an gr y about President Bin CRnton's decision 
to Tin the trade embargo against Vietnam. 

According to the cable, the Russians said 
they were receiving a mixed m ess age from 
Washington: WMc many U.S. officials were 
presang them to turn over as many docu- 
ments as possible about soldiers ntiising in 
Vietnam, other officials were id ling them 
that refeasmg such documents would hurt 

UJS-Rusaan relations. 

State Department officials vigorously de- 
nied that they had told the Russians not to 
discfasedocmoenis and said they had repeat- 
edly pressed Moscow to produce whatever 
documents it bad. 

President Clinton said last year that he 
wanted the fullest possible accounting of the 
faieof more than 2^00 Americans missing in 
Indochina. 

The officials who provided ihe document 
were concerned that h indicated that some 
State Department officials were Hooting the 
president’s policy in order to avoid embar- 
rassing disclosures from Soviet archives, 
which could delay lifting the embargo. 


Last spring, the discovery of a i 972 docu- 
ment from Soviet archives that seemed to 
indicate that Vietnam had held more than 
the acknowledged number of prisoners 
stalled U5. movement toward lifting the 
embargo. 

The cable points to the divisions in the 
government on lifting the Vietnam embargo 
and on whether Hanoi was fully cooperating 
in accounting for missing Americans. 

Some lower-level officials have been frus- 
trated that other officials have not pressed 
Moscow and Hanoi as hard as they would 
like to turn over Momsuca, 

Mr. Clinton lifted the trade embargo Feb. 
3, saying that Hanoi had cooperated in pro- 
viding a full accounting of the mi«nng Amer- 
icans. 

The cable, dated Nov, 12. said a promi- 
nent Russian official had said Russian For- 
eign Ministry officials had heard from un- 
identified State Dqiartmeni officials that 
they “were not pleased” with the reiease of 
the 1972 document 

According to the caoie, the Russian offi- 
cial, Lieutenant Colonel Sergei N. Osipov, in 
liaison with U.S. MIA investigators in Mos- 
cow. said the Russian Foreign Ministry bad 
heard that State Department officials “were 
discouraging further releases of such docu- 
ments." 

The cable was sent by the U.S. head of the 


Moscow office of Task Force Russia, a U.S.- 
Russian group that seeks information from 
Moscow about .Americans missing from the 
Vietnam and Korean wars. The cable was 
sent under the name of Thomas R. Pickering, 
the VS. ambassador to Russia. 

Mr. Pickering said that be could not un- 
derstand how the Russians had received a 
mixed message, asserting that Washington 
had repeatedly asked for all information. 

Task Force Russia sent the cable shortly 
after Winston Lord, assistant secretary of 
state for East Asia, met with Russian offi- 
cials. 

Several Americans who used to work on 
Task Force Russia said the cable showed 
that some State Department officials were so 
eager to have the embargo lifted that they 
would even urge Moscow not to release doc- 
uments that pm Vie tnam m a bad light. 

Colonel Willi am LeGro, a former special 
assistant to the director of Task Force Rus- 
sia, said: “Some officials were trying to con- 
vince the president that the Vietnamese had 
cooperated 100 percent in resolring the MIA 
issue and that the embargo should be lifted. 
Therefore they said. *We don't want any 
more of this inc riminating evidence to be- 
come public.' " 

Mr. Lord angrily denied that any Slate 
Department officials discouraged the Rus- 
sians from releasing additional documents. 


“No one in (he Slate Department would 
say, ‘We don't want documents,’ ” Mr. Lord 
sard. “The reported position by the Russians 
of what some State Department people said 
i& directly contrary to official United States 
policy. Anyone who would have said that 
would be fijed." 

A person wbo attended a meeting in Mos- 
cow in October between Mr. Lord and the 
deputy foreign minister at the time. Georgi 
F. Kunadze, said verbatim notes showed Mr. 
Lord thanked the Russians for providing 
documents and urged further cooperation. 

State Department officials said they sent a 
cable Nov. ]3, underscoring that Washing- 
ton warned all relevant documents and pro- 
testing reports that Russia bad agreed not to 
release such files without first consulting 
Hanoi. 

One U.S. official familiar with the con- 
tents of the cable said Colonel Osipov was 
known to be reluctant to release Vietnam- 
related documents and may have concocted 
the story that State Department officials had 
urged Moscow not to release them. 

Under tins interpretation. Colonel Osipov 
was trying to ward off pressure to release 
documents, knowing that they could embar- 
rass Moscow. Some U.S. intelligence offi- 
cials said the colonel is a former KGB agent. 

He did not return two calls to his office. 

— STEVEN GREENHOUSE 


President Keeps On Truckin’ 

He Raises Eyebrows With Memories of '70s Pickup 


By Douglas Jehl 

Ne w York Times Senice 

WASHINGTON — BiQ Clinton bad some explain- 
ing to do. 

Ever since he spoke last week of his fond recollec- 
tions of an El' Cammo pkknp, his audience at a 
Louisiana track plant ana chose who watched his 
comments replayed on tdevision have been left in 
firing rad oonfitsion. Mr. Clinron confided that be had 
fined the truck bed with Astroturf, adding with a sly 
grin, “You don’t want to know why, but f did." 

Interviewed by telephone on a New York talk-radio 
prpgram Thursday morning, Mr. Cfimoa jokingly 
tried to pul the speculation to rest. 

“It wasn’t for what everybody thought it was for 
when 1 made the comment, m tell you that," be 
protested. *Tm guilty of a lot of things, but I didn’t 
ever do that” 

It was for hauling luggage, Mr. Clinton explained, 
that be had put the carpet of synthetic grass in the 
bade of the -small truck-car bybnd, which bade in the 
eariy 1970s was the only vehicle he owned. Bui even as 
be feigned shock at how low some minds must have 
sunk, be seemed just a bit reluctant to dispel an image 
that made auto workers guffaw and made others 
wonder about Monsanto's scratchy contribution to 
spooning. 


Told by Don Imus, the host of WFAN's “Imas in 
the Morning.” that his denial sounded a bit “like 
saying you didn't inhale,” Mr. Clinton replied: ”No, 
it's just that I didn't inhale in the back of a pickup." 

In 23 minutes of banter that mixed earnest with 
wacky, Mr. Clinton also confessed to Mr. Imus and his 
nub-hour audience thei HfriJe he did his best to abide 
by his diet, be sometimes lost control 
“I was transported," Mr. Clinton said of the orgy of 
eating that he began Tuesday afternoon at a small- 
town Ohio delicatessen. 

“This guy had been a butcher's assistant when he 
was 1 3 years old and had finally saved enough money 
. r .. '-J: : - -U ir.’j iio. and he built it 

with his bands, and be made this Clinton Burger," the 
president recalled. “And 1 thought, well I’m going to 
eat iL*‘ 

“And then I went to this restaurant in downtown 
Columbus and talked to those folks about health care, 
and I asked them what they thought I ought to have, 
and they said I ought to try the corned beef on 
pumpernickel” the president said. “Thai's what I did. 
Tbev said that’s what wa*. good, so 1 tried it” 

Mr. Clinton admitted that he had gone on to sample 
an apple fritter that someone present described as “the 
size of a baby’s head,” although be insisted he only 
had one bite. 


Away From Politics 


• A partiedariy dangeroos form of cholesterol appears to be (he 
singfe most powerful trigger of strokes, a study concludes, detailing a 
discovery that may someday help doctors control them. Researchers 
found that people with high levels of this substance, called lipopro- 
tein (a), are more than 20 times more likely than (hose with lower 
levels to suffer strokes. The results of the Austrian-American study 
were presented at a meeting of the American Heart Association. 

• Lawyers for 11 Branch Daridtans accused of kflfing four federal 
agents during a raid last Feb. 2S have rested their case in San 
Antonio, Texas, without calling any of the defendants to the stand. 
Final arguments will begin Tuesday. 

• The first woman to take day classes at The Gtadd says she’s been 
the target of hisses, obscenities and slurs aimed by anonymous 
members of the all-male corps of cadets she’s suing to join. “If 
they’re not brave enough to come up to my face and say it, then what 
kind of character is that?” S^anr '■n Faulkner asled. 

• Steven Hoffenberg, who mice tried to buy the New York Post, has 
beat charged in New York with securities fraud and obstruction of 
justice for allegedly falsifying records of his financial company. He 
was freed on Si million bond. 

• A legal slnnmsh has erupted at die Uik Naval Academy over 47 
midshipmen's claims that they were intimidated into making incrim- 
inating statements during investigation of a cheating scandaL The 
midshipmen have alleged in a suit in UJ5. District Court that navy 
investigators cursed them, threatened them with military prison and 
denied them access to attorneys during questioning about cheating 
on a 1992 electrical engineering exam. 

AP, VVT. WP. Reuters 


The Mudslinging Starts in North’s Bid for Senate 


By Kent Jenkins Jr. 

tVari fa g w n Ped Sendee 

WASHINGTON — What had been a fairly polite cam- 
paign for Virginia's Republican nomination to the U.S. 
Senate got nasty as a supporter of James C. Miller 3d called 
Oliver L. North a liar and a North aide accused Mr. Miller erf 
dodging the draft during the Vietnam War. 

The exchange began when John Singlaub, a retired army 
general and a vocal critic of Mr. North who once served as 
conduit for arms in the ban-contra affair when he was a 
White House aide, Jed a news conference Thursday at which 
a group of retired officers endorsed Mr. Miller, a former 
Reagan administ r a tion budget director. 

In interviews afterward, General Shiglaub questioned Mr. 
North's honesty, saying that the former White House aide 
who was a key figure in the plot to sell arms to Iran and 
divert the profits to the Nicaragnan rebels, “was lying to me 
as he was to his other colleagues. 

“ He would lie to protect hiTTwdf." General Singlaub said. 
“He fantasized so many things." 


Hie campaign office of Mr. North, a former Marine 
lieutenant colonel responded by releasing copies of Mr. 
Miner's draft record, which indicate that he was granted a 
student deferment while studying for a doctorate in the mid- 
1960s. Although it did not challenge the legality of Mr. 
Miller’s draft status, a spokesman alleged that be “took four 
education deferments to avoid serving in Vietnam.” 

Mr. Miller acknowledged the deferments, but said he did 
nothing wrong and was willing to serve in the military had he 
been drafted." 

The race for the seat now held by Senator Charles S. 



delegates will be pici 
local caucuses next month. In some cases, the deadline for 
registering to participate in those caucuses is just 10 days 
away, making it important for Mr. North and Mr. Miller to 
line up conservative support now. 

Mr. Miller “is the one who dung mud today,” the spokes- 
man said. His draft record “has been sitting out there, and 
we didn’t use it until he attacked us.” 


Mr. Miller shot back, saying that Mr. North “claims he 
win never speak ill of an opponent, and then be sends his 
paid minions out to attack me. 

“If be wants to involve himself in a mudslinging contest. 
I’ve got a barrel full of mud on my side. He's only got a pail 
full if that.” 

General Singlaub has been a critic of Mr. North for 
several years. 

During the mid-1980s, while Mr. North worked for the 
National Security Council overseeing efforts to arm the 
contras, General Singlaub was one of several arms dealers 
Mr. North used to provide those weapons. 

The two eventually parted on bad terms, and General 
Singlaub wrote a book in which he criticized Mr. North. 
General Singlaub has been widely quoted in recent years as 
questioning Mr. North’s veracity. 

For his role in the Iran-contra affair, Mr. North was found 
guilty on three charges, including obstruction of Congress, 
but the convictions were overturned. 


Randy Shilts, AIDS Crusader, Dies at 42 


who is responsible for our ficess- 
• ing,” said Ms. Axby, who refused 
‘to identify the official who ap- 
proved tho plan. 

■--'’rWe havt. had many inquiries 
about RU-486 from nonresidents, 
particularly American women. 
Vitus has - been a very grey area of 
r ihe regulations. But the Health De- 
partment^ lias now agreed that we 
. .can make RU-486 available as Jong 
as the woman will stay overnight at 
V the dime on, the day of bar mucar- 
.riage£"_ 

- Farnek' jMaralda. president of 
.Planned Parenthood, said she 
would immediately notify aS of the 
group’s affiliates in the United 
Sates that-women who wanted to 
. avoid a; surgical abortion could be 
referred to the British dime for 
VRU-486. 


By William Grimes 

New York Times Senice 

Randy Shilts, 42, the author of a 
best-selling book on AIDS and a 
reporter for The San Frandsco 
Chronicle, died of AIDS on Thurs- 
day in GuemeviBe, California. 

Mr. Shilts was one of ihe first 
journalists to recognize acquired 
immu ne deficiency syndrome as a 
national issue and in the early 
1980s he persuaded the Chronicle 
to let him repot on it full time. 

This resulted in a widely ac- 
claimed 1987 book, “And the Band 
Played On: Pofitka, People and the 
AIDS Epidemic.” A history of the 
first five years of the epidemic, it 
charged the Reagan adnumstra- 
tion, the medical establishment and 
some homosexual groups with in- 
difference to the disease. 

Born in Davenport, Iowa, Mr. 
Stilts grew up in Aurora, Illinois, 
near Chicago. While attending the 
University of Oregon, where be 
studied journalism and was manag- 
ing editor of the student newspa- 
per, he openly declared his homo- 
sexuality. 

Mr. Suits did not always please 
afl. homosexuals with his reporting. 
He dismissed the dangers of San 
Francisco's bathhouses and anony- 
mous sex in the spread nf AIDS. 

He also attacked the practice of 
outing, or revealing tire homosex- 
uality of public figures, unless the 
targets promoted anti-gay policies. 

Although Mr. Stilts said that he 
did not expect “And the Band 
Rayed On” to bo a commercial 


success, the book beca m e a best- 
seller and turned him into what be 
called “an AIDS celebrity ” 

The book was made into a TV 
movie in 1993. He followed up with 
“Conduct Unbecoming: Lesbians 
and Gaysin theU-S. Military, Viet- 
nam to the Persian Gulf" (1993). 

Based on interviews with mili- 
tary penonnd and government re- 
cords obtained through the Free- 
dom of Information Act, the book 
traced the history of persecution of 
homosexuals in the military. 

In 1987, on the day he turned in 
the manuscript for “And the Band 


Played On,” Mr. Shilts found out 
that he had tested positive for HIV, 
the virus that causes AIDS. In Au- 
gust 1992, he developed full-blown 
AIDS. He completed the final 
pages of “Conduct Unbecoming" 
in a hospital bed. 

For fear of Jetting his persona) 
situation influence his reporting, be 
kept his illness secret until Febru- 
ary 1993. 

Henri Pierre, 75. a co-founder 
and longtime Washington corre- 
spondent of Le Monde, died 
in Washington. After 


idem in Mos- 
cow, London ana twice in Wash- 
ington, be retired in 1982 but still 
wrote occasionally for the paper 
despite major heart surgery. 

Maria St Just, an actress and 
longtime friend of the playwright 
Tennessee WiUmns, died Tuesday 
of heart failure at her home in Lon- 
don, her family said. 



Ambassador Lapel Flags® 

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L.A.: Californians Heading East 




Continued frota Page 1 
dale there is no statistical record of 
a post-earthquake exodus. 

But it is not hard to find onec- 


Phoenix Chamber of Commerce 
has been receiving 40 to SO calls per 
day from Southern Californians 
wanting relocation information. 


DUl It U uvIL U4IU IU llliu lull*- I Uw mruirtir 

doial evidence that some people are 

know of smwTX begin pack- 


gone or have linn departure plans. 

Ail of them said they had bees 
thinking about moving for some 
time. The earthquake gave them a 
sense of urgency. 

For Marlene Besso, paradise was 
cliangcd irrevocably with the 1992 
riots. 

But she would not consider giv- 
ing op ber rent-controlled apart- 
ment in Santa Monica until the 
earthquake that occurred a month 
ago. 

“The earthquake was the most 
horrifying experience of my life," 
said Ms. Besso, a bookkeeper from 

Buffalo. New York. 

“1 was all alone. Immediately I 
said, ‘I’m out of here.’ ” 

One indicator of the level of the 
unease is a recent Field Poll, take n 
in late January, in which 7 percent 
of those surveyed in Los Angeles 
County said they were very likely to 
move because of the quake. 

Thirty percent said they have 
considered moving because of fears 
of another earthquake. 

Since the Jan. 17 earthquake, 
which measured 6.7 on the Rtduer 
scale and lulled 61 people, the 


THE BHUON-DOLLAR 
MOLECULE: 

One Company's Quest for 
the Perfect thug 

By Barry Wertk Illustrated. 445 
pages. $25. Simon A Schuster ; 


ing after the earthquake. 

Bill Dertouzos, a chef at a Bever- 
ly Hills restaurant, said his next- 
door neighbor, whose name he nev- 
er did leant, hdd a lawn sale 
shortly alter the earthquake and 
then left. 

“He said to me. ‘Are you still 
here?* " said Mr. Dertouzos, a na- 
tive New Yorker, adding that he 
plans to be gone within a year. 

Josefina Vidal, the feature editor 
for La Opinion, the primary Span- 
ish - languagc newspaper in Los An- 
geles. said that at a shelter two 
weeks ago she met a group of 23 
Mexican immigrants — three large 
f amili es and their friends, all legal, 
longtime residents of Son them Cal- 
ifornia — who were on their way to 
Dallas. 

They bad already been consider- 
ing a move because of the poor 
economy, Ms. Vidal said. 

Southern California was sup- 
posed to be the easy life. 

It stiD is, on good days. 

But lately the good days have 
been fewer in number. 



' Compiled by 0 #Sttf FnmTXpcM&i v . 
- ATHENS— Europeanministers 
pressed Greece ouFndayto fift a. 
trade blockade an^the farmer Yfr 
m^repubiicofMawtdom^say-- 

mg the d«Wfln hmf European 
Union sofitferity. . ' V, 

, - 'The German .foreign na ngtet ; 
JOans Khdcd, and. m Be 3 gja$ 


Ybdarir Ydeoforfa/ Apace Fnocjt Fnh 

HOLDING THEIR OWN — Troops pahnoffingTartmeahlatfs bolder with Iran. Before the breakup of the Soviet Untoo, the 
patrols we handed by Soviet troops. Now they are mostly made op of loral Turkmen reermts, and anty the officers are Sudan. 

RUSSIA: The Long-Awaited Industrial Collapse May Fin€iOy Be Arriving 


tary-gcnaal of the United Nik 
tiotuC”said Richard Duque, a For- 


” Tprime Mmister Andreas Papan- 
dreou mid Wednesdaythat Greece 
would stop tbeneW Balkan repub- 
lic from using. Salonika, its main 
trade mote, except for vital sap 
pKwi of food and bwUmk . ; 

Tbe.ThsmoehSzmtiyssdhter 
that fhn emhaiff? would apphr to aU 
: fiB tffwm points in Greece, sot just 
the pat of Salonika. 

I Mr- Claes said that' Athens 
should seek to com n onase in i& 
■ twp-year feud with Skopje, tfac cap- 
Italof ‘Macedonia-, ..V 

“We undeotandthe Gredcposi- 
tion^Mr. Claes said, “but wemast 
' on fee iwdfoi<fialo#je among the 


-J 2 jiT possible as egriy asnext weet, 
to find a just and acceptable cam* 
pirtnm»** 7 ‘ 

petite heavy, critiosn from, its 
allies, Greece, winch holds the ro- 
tating EU presidency, has beym 

S ag snips from hanging 
for Skopje at the port cf 
at tmdblocking trucks from 
■ crossing dm border 5b kBosnetexs - 
■ (40 jnflcs)mofth. 

Sd&mSta officials reported that 

, mrw r: than- 20,000 torsof dry food 

unit raw destined for 

Trfacedonia’ were blacked at cus- 
toms- • '/ *"■- (Reuters, AP) 


ContHBied from Page I ing outright layoffs. Instead, a pc- that way too. It is unclear how long 

layoffs and shutdowns of unprofit- cabariy Russian version of eco- such a situation can Iasi, but there 
able production lines. nomic depression is being is no- question that die trend of 

As yet, few companies have gone manifested, m which most people “temporary” dosings and vaca- 
bankrupt and most are still avoid- work only in theory and get paid dons has picked up over the Jast 

. - two months, con vindxtg many bere 

that Russia has entered anew stage 


BOOKS 


as the process is called. As Barry 
Werth reports in his razzle-dazzle 
new saga of science, ‘The Bfllkxi- 
JDoflar Molecule: One Company's 

rv r». it* wi — a. 


With these electives in mind, 
Boger early in 1989 left his starring 
role at Merck & Co^ recruited sever- 
al cf that drug enterprise’s leading 


By Barry Wertk Illustrated 445 was found in a dirt sample from a 
pages. $25. Simon A Schuster. mountainside in Japan. 

. FK-506 suppresses the human 

Reviewed by Christopher i mmune system, which has allowed 


Quest for the Perfect Drogr caw scientists and started Vertex Phar- 
c row imen ta l drag called FK-506 maeantkak to bufld a better mole- 

1 ~ a - ^ e. in- i MUM ,u 


Lehmann-Haupt 


a mnlioil pioneer. Dr. Thomas Ead 
Starzl of the University of Fltts- 


M OST life-saving drags have burgh, to perform wonders of tians- 
been discovered by figure- plant surgery, like entire intestines. 


tivdy sifting through samples of dirt 
from aD over the globe, or screening. 


|iB4 EW authors 

i PUBUSH YOUR WORK 

J ALL SUBJECTS CONSIDERED 
| Authors WorichvUa invited 

Write or sand yom manuscript to 
I MINERVA PRESS 
!|2CXDBflO*i**TCNRD.LOWDCWSW73DO 


plant surgery, like entire intestines. 
But FK-506 is toxic and has proved 
fatal in experiments with dogs. 


cuk. His rally obstacles would be 
the competition of other h riTSan t 
minds, the need for mini ons of dol- 
lars in venture capital and almost 
total ignorance cf how or why FK- 
506 suppresses the immune system. 

Boger, so driven and energetic in 
Werth’s portrait that as early as the 
fourth grade he turned in a 400-page 
report on Africa, could not imagine 


two months, con vinchg many here 
^ that Russia has entered anew stage 

Of economic hardship 

— ; — — : ; — r r Tbecrundihasdevdmredgradn- 

orusbed orpidred apart. An bourin ally over two years, as factories 
the gut, and the nudear sub m *Tbe ^ sagged to find ways to 
Fantastic Voyage would look like mlr f up Sines in sales aid sub- 
a car left overnight on the shoulder ^ postpone tough measures, 

of the (WBronx Expressway A few have found new markets, 
One difficulty with the complex foragn, to take up the slack, 
story is that you are aware through- Some have retooled their prodoc- 


the hardest hit with the drop-off in 
stale procurements, and many fac- 
tories are working ontyfitfulty . 

At the Krasnoyarsk Machine 
Ruil ding Factory, once one of the 
largest Soviet rmwak plants, hun- 
dreds of angry w or k ers blocka d e d 
the adsrimstratksr budding last 
week because they had not been 


_ . . . ... anything but the wildest success. 

Ths is where the hero of Wertlfs 


Story, Joshua Boger, comes in. Boger 
is a chemist who early believed that 
with the advances of science and 
technology, drugs could be designed 
instead of d i sco v ered by screening, 
winch process he has derided as a 
‘'monkeys with typewriters" ap- 
proach to medicinal chemistry. 

As Werth reports, Boger envi- 
sioned designing a version of FK- 


of other brBfiant out from the lack of news outside jJqq sought-after con- 

fer millio ns of do!- the book that no m^ra- bredr- naier goods. Most have just 1 waited 
capital and almost throughs are going to ocoir m Ver- ^ hoped f OT the best, reducing 
rf how or why FK- lex’s quest for a new de s ign , at least w a v ing hom and ^rrmruitiwg a 
be immune system, not in the time th at the narrative workshop here or a line there to 
en and energetic in covcrs - So as tbe company keeps ^ ^ debts mounted. 

^rtUtoS’ ^fhS^kto^be pit Many have simply slopped pay- 

SrdSmd iSneithaSo- ing their bills and while there 
.ajjdnot^^me nor f ^ customere, lndwfing the goyern- 

^ dcst .”^ StiD. Werth, who is a free-lance ment, have stopped paying them; 
ired m his attempt sudi mter-enterpnse debts aienow 


How B<^er fared in his attempt journalisl such arenow 

tojuggfepme sorace and big bust- ^ busiD^issues, has revealed estimated at nearly $10 bflhon. 

mBch aboul how “"temporary Officially, Russian unemploy- 
drag research works and has raised menl now stands a less than 2 
sulgret of Werth a lively narrative. ouestions about the percent But that does not count 


compatibility of soence and capi- the millions of people who have col 
m ils race to keep a dozen subplots tallsm: Does the quest for profits been paid in months because their 
5p mnni e ~ tend to corrupt pure science? Are factories are out of money or who 

The book succeeds in making its the goals of drug science loo have been on imposed “vacations” 
complex science reasonably clear, chancy for prudent investment? for months at partial pay or none, 
sometimes through the use of As for where Vertex may evraiiu- Last week the International Labor 

ockbuster metaphors. For in- ally be headed: Such is Werth’s pio- Organization estimated that actual 
in ce . about the problems of de- ture of Joshua Boger that you ead unemployment here is at least 10 
ering drugs to the human body up thinking of him as a magician percent and rising, 
means of pills. Werth writes: u*o will keep puffing rabbits out of j t is already apparent that no 

“Because molecules are groups to^unffl^rathMtujnsouito sector 0 f the economy is immune, 


Every Book 


:ast a no rciinic 
'r.ic from Mail-Order 

I- if e fit I> cl l «■- Soc fcstc re 
IpabeiiastraRe 49 ' 

. D -S .5726 r.'.c iiich / Germ cmy 


if sometimes through the use of 

effects. The resull wouM not only 

Werth writes: 

mune disR««« and an understand- “Because molecules are groups 
mg of how the AIDS vims might be of atoms chained together like pop 
flfeaMgri Such a drag could earn beads, a drag entering the body 
billions of dollars in the highly orally must be small, durable and 
profitable biotechnology industry, extremely resistant to being 


be the cure for everything 
Christopher Lehmann-Haupt 


extremely resistant to being on the staff qf The New York Times. 


and strikes, once nnheard of hoe, 
are breaking out across the coun- 
try. The ooce mighty nrilitaiy-in- 
dustrial complex has been one of 


raid in f«if months. Many workers 
nave been put on enforced leave, 
with several, sections comptetdy 
shuttered, and the factory has been 
forced onto a three-day wcakwedt. 

The antomobile industry is also 
struggling At EL which m addi- 
riopto limousines produces huge, 
inefficient tracks, the number of 
employees has draped in die last 
year reran about 70,000 to 39,000. 
And now half of the current em- 
^^ees arerai jw rtiaBy paid leave, 

sold in the plants co m po u nd .. 

Far many Russians, the most 
dramatic statdneut of (be current 
ero n pmig distress occurred last 
week when the country’s largest 
vodka distillery, Kristail, an- 
nounced that phiumietiro sales 
were forcing it to said 700 at its - 
1,200 workers on mqnid leave for 
two weeks. Officials said the fac- 
tory, whose brands include Stoificiw 
naya, had never stuped pnxiuc- 
tkxt in peacetime dunng its 99-year 

histosy. 

Kristaffs managers blamed an 
increase m excise taxes far making 
their brands too expensive far most 
Rmcoang and costing them mHlkins 
of dollars dnring the crucial New 
Year’s holidays. The government 


for . an EU meeting,' ttrid tht? had 
asked Greeceto reconadtraded- 
aoa that damaged EU Soitdarity.- 
‘The Greek positioiiisTmusual 
and opposed to tito usiul beaaytor 
among civilized European vna-.; 
tionv Mr. KinkelsakL “We don’t 
pfB d another critis pranf in R && 
edada. I want to say. dearly, that; 


weeroertGreratoartinsOTdaa- 
tywra the. otirer 11 Rations.” 

“I expect that Greece wijl vdih-. 
draw tMs dedricm,’' he added 
Asked if the nca^moring raubBc 
should first meet aiw Greek der 
mands,hesaid,“No.’ J 
In a rare gesture cf displeasure 
between. EU.wrtan, the.Fofcign 
Mhnstxy in Paris fraamDy Bum-: 
mooed the Greek ambassador to 
p rotest Athens's mow. .V. .. : ; r ™ 
“We tnld htm iof-our acute con- 
cern at'flto measares taken by tes 
govtxnmcut, which, are counter to 
the dialogue -between Athens, jmd 
ScOfge recommerided by the secret 


KOREA: Seoul Rethinks Flatriots 

CfAnrf frtatP^e 1 ' •• reinstate the ntifitwy exercise. 

caBy, entirety a ddtamvewt^cm,** Ta mKSmachmsticaBy^ stmi£ 

he wH : • • ' . - — fa«g»«»<ge, Me. Han warned North 

Bounce suspension of, a joint nnfi- -less it fetsm^aSoisvisjt two addt- 
tary exhrase- ^ pjannett^ this ;t>0eal atonuc-sites. _ 

Spimg with the Unittd Siatctcip^, - ; '^(brtii Korea knows that item- 
me atomic inspections Begin m not i^flRgan^ that it played feff 
NoiKKraearand tfeepart year.’^e saklL “W^rein $ 

begns ta!ks witoSeoqi;abo^twr- , _pa^i^t rfiere.we can show. the 
ring: afl nndear weapons foam toe w^d matvrehave exEtdsed alloar 
: Korean Pertinstda. patience." . 

... He in di cat e d,, bowcrre^^iat; if Mr Han& tooe vm markedly 
the IntanatKmaE tfiSerent frran la^ week, when he 

Agency conrimfixf mte Nora?K»'X' balked at talkrag toi^i md threat- . 
reahitoistpK^^*teC^^^^-camgOTW^rafearof ang e rin g 


tax increase and suggesting a. far- 
ther tax cut might be m 


The Associated l^riss ’ -J"- jdn bfi Mi (D dUDpilg lOV lilfl 

LONDON — ^Bo wiifl ^ 1 iiu fa^ | Mtf«cared>ate 4 evel radioactive 
national pressure, Britam wgl yan . • ^ a T «T- j»^l>nng h she noted that Brk- 
thc United States, jg^^anff tmtir had notdumped any soch wake 

iSS* to J ea; Britain was one.uf five aw- 

Agriculture Ifirisor^Iliaa -tions AatabsCtiuediaa vbteaua.' 
to 


nnu«D with tb* no ntt toes akb to wxBticm iobt 


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INTERNATIONAL HERALD TRIBLTS'E, SATURDAY-SIHVDAY. FEBRLAR1 19-20. 1994 


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ti' 'j. . ’"ili iiJSS 


NATO and Its Future 


* : 


By CraigTL Whitney, - • 

' .V*W Forit Tone* Sente 

BONN — Erarif the NATO aHie&douiot drop asmgfc 
bomb aroand Sarajevo nextweck, diplomats say &e 
^te d^aM es —hawnow become 

The question 'is how tong tbty will stay involved, and 
whether they are prepared to stick it out long enough to 
devise a strategy (hat will end not just the sbdliitg of 
Sarajevo but the war iisdfi ' 

if the Bqscuan Sobs do finally vuttidoov their heavy 
Weapons by Smtday xdght, saying face by deafingtkwi^ 
Russian mtermediaries instead tit bowing 40 NATOs 
threat to start bombing if they; did not comply,' the allies 
can claim success. Bm jf Oris happens, the Noam Atlantic 
Treaty Organization's critkswfil argue that ircbuld have ; 
prevented the siege,and the wa^m the first place if it had 
only acted eafliar. . • . -V-’.. 

Although NATO kpreparaTto bomb yremtins not pot 
under UN control within a radius of 20 lduoroaers (12 
miles) from the center of 'Sarajevo after the. deadline' 
expires, UN authorities in Zagreb amd. Friday - that they 
expected the Serbs wpuia coaiqply by Saturday night.. • ; 

A NATO spokesman in Brussels said the aHuppe would 


dot insist on c&mriugcredil for success if the Serbs pulled 
.their weapons out. 

' “If Russian pressure will help,- we welcome that, but 
there should be. no nnsunderetaDding,*’ he said. “If after 
the deadline, weapons outside UN control arc found 
within the zone, they win be subject to strikes.” 

A. NATO diplomat also said that bombs cobid start 

■ : JOTS ANALYSIS ~ 

fatting even if only a few Serbian weapons had not been 


falling even if only a few Serbian weapons had not been 
withdrawn by Sunday night- ■ . , 

“The blood lust is up in Washington,'’ he said, but 
'even zfThe gum are taken out of the zone, it is oofy-a 
tactical withdrawal that in no way changes the Serbs 
.strategic goal of a onJted Sexbia.” • 

“We canT allow the suns to come back in,” the diplo- 
mat said, “but what do we do next?. The fundamental 
prbbtera'isstffl the lack of a clearly defined stiat^ic goal." 

-c<« :r miw bnotn enffm ihr’ TOirdemai kind 


" . - UUl 11 l»U|b>V UWTVl ogam — — ■ — " , 

rJ chrftmg that Kite d fig people in the marketplace on Fro. 
‘5 and finally spurred the aims into action, the waTjintlns 
view, -will eo on in Btbac, iu Tuzla and elsewhere- in 


r a strategy to end iL 


To many people in Europe, it has been dear ever since 
the failure two summers ago of the first European Union 
attempts to negotiate a cease-fire that there could be no 
successful political-diplomatic strategy to end the war 
without the full participation of the United States. 

The American military was long reluctant to become 
involved. But a few boors spent at the Allied Forces 
Southern Europe command in Naples with Admiral Jer- 
emy M. Boorda, the U A officer in charge, made it dear 
that planning for possible bombing missions was in high 
gear, with 170 planes and hundreds of pilots, inducting 
Americans, ready to go into action. 

grin, the United States is not yet willing to send troops 
in on the ground until a negotiated peace agreement is 
reached. The European allies, however, would like to see 
Americans more heavily involved in the UN peacekeeping 
force in Bosnia as part of a combined political and 
diplomatic strategy to bring pressure on the Serbs. Croats 
and Muslims to stop the fighting. 

The United States has sent an emissary. Charles E 
Redman, to play a more active role in the peace talks, to 
try to get the waning parties to see that they have more to 
from a negotiated settlement than by continuing to 
fight on the battlefield. 

But the problem remains the Bosnian Serbs, who treat- 


ed earlier empty NATO threats to bomb them with con- 
tempt. but took the latest one seriously once it became 
clear that NATO and the United States really meant iL 

Negotiations to end a war do not take place in a 
vacuum. To produce a settlement, negotiations have to 
reflect realities on the battlefield, and one of those in 
Bosnia is now NATO’s willingness to become involved. 

“What we have is a progressive stepping up to the mark 
by NATO," one allied diplomat in Brussels said, "and this 

is going to have a salutary impact on the negotiations. 1 
rhfrile this demonstrates that NATO is in a position to play 
a constructive role in the resolution of Lhe conflict. 

But that will be true only as long as NATO remains 
willing to be directly engaged- Short-term tactical success 
achieved with Russian help in Sarajevo could become an 
obstacle to long-term strategic success, by encouraging the 
illusion that engagement need not last very long or cost 
very much. 

But, as one allied official with memories of French and 
American involvement in Vietnam said, “Duration is the 
key to this situation." 

And Sarajevo could be only the beginning, not the end 
of NATO involvement in the'war in the Balkans, depend- 
ing on the answers to many questions: 


• If the Serbs withdraw their weapons and use them 
elsewhere, is NATO going to threaten to bomb them 

& V\( the Serbs bring back the weapons and fire at 
Sarajevo again, is NATO going to stop them? 

• If the Bosnian Muslims try to use die wthdrawal to 
seize back captured territory around Sarajevo, will the 
United Nations or NATO stop them? 

• If NATO is willing to use air P w*r « bnng about a 
cease-fire in Sarajevo, why not anywhere else. 

• And finally, if the Serbs do not withdraw, if the 
bombs start falling and if the Serbs retaliate against the 
UN peacekeeping forces on the ground, how long is 
NATO willing to keep flying to protect them? 

NATO’s credible but limited threat to use force for the 
first time in its 45-year history, combined w to the con- 
structive assistance the allies hoped for from the Russians, 
may have deterred further atrocities in Sarajevo. 

But they continue elsewhere in Bosnia- Herzegovina, 
and may not stop until the alliance develops a long-term 
strategy to back diplomatic efforts to end the war ana 
deter others in the ethnic snake pits elsewhere in Eastern 
Europe, including the young republics of the former 
Soviet Union. 




TJ-, , * * 



U.S. Keeps a Close Watch on Sarajevo 

They Know Exactly What They Have to Do,’ State Dept. Aide Says of Serbs 

. . ■ u- i j v- iht* FUwnian Serbs from continirins 


•• 4 


By Douglas Jehl 

Nr* York Tuna Senior 

WASHINGTON — The United States said 
Friday that it would be watching closely to 
ensure that Serbian forces around Sarajevo 
honored a NATO ultimatum that takes effect 
Sunday night. 

It warned again that a violation would be 
punished by air strikes. 

“They know exactly what they hare to do,” 
said Michael McCurry, the State Department 
spokesman, referring to the NATO demand 
that the Serbs remove heavy weapons from 
around Sarajevo or put than under United 
Nations control “They know what wall happen 
if they don't comply.” 

“The test will be in their actions on the 
ground,” said Dee Dee Myers, the White House 
spokeswoman. “The NATO decision has not 


9t 

i ::: :f • Sr ■ 7 

XV ... \£ 


- ‘ ' - j',,. - ■■ ,’f, + i ti.' ^ • ; ' 

_ v UN to Halt KREMLIN: Sabs’ Decision a Triumph for Yeltsin 




* * 

natal GafaOAff»x FnacfrPre** 

, as dejwBme for withdrawal neared. 


UlUligGU. _ 

[A senior White House official said that Pres- 
ident Bill Clinton was likely to make a state- 
ment to the American people on Saturday to 
wt plarn why the United States might be in- 
volved in air strikes in Bosnia, Reuters report- 
ed.] 

As a senior Russian official warned that air 
strikes could lead to “all-out war” in Bosnia. 
Mr. McCurry acknowledged that Moscow re- 
mained less than sympathetic to the reiteration 
of the NATO threat 

But he said that Russian officials had beat 
less alarmist in private conversations with their 
U5. counterparts and said representatives of 
the two countries would meet in Europe next 
week in an effort to forge a common approach 
to peace in the region. , 

The State Department spokesman praised 
lhe Russian decision to send 400 troops to help 
is the peacekeeping around Sarajevo. But he 


emphasized that the soldiers would be under 
UN command, and reiterated the NATO threat 
despite the stem warning from Deputy Foreign 
Minister Vitali I. Churkin of Russia that such 
talk was counterproductive. 

“The important thing at this point is to see 
actions from the Serbs because, as you know in 
the past we’ve seen plenty of words," Mr. 
Mcduny said. 

US. officials acknowledged Friday that 
heavy doud cover has made it impossible for 
U.S. reconnaissance satellites to measure the 
extent of the Serbian withdrawal from the area 
around Sarajevo. They were relying instead on 
reports from UN officials on the ground. 

With the United States trying to maintain its 
focus on the Bosnian capital U.S. officials said 
they were not yet ready to see how they would 
respond to a new UN report concluding that as 
man y as 5,000 regular Croatian Army troops 
may remain in Bosnia. 

That would violate a pledge made by the 
Croatian government, and could trigger the 
economic sanctions that have been weighed for 
weeks by the United States. The State Depart- 
ment said it would wail until next week to raise 
the matter at the United Nations. 

■ Cautious Optimism in U.S. 

Defense Secretary William J. Pory said that 
he was “cautiously optimistic about the devel- 
opments of the last few days,” news agencies 
reported from Washington. 

Mr. Peny will go to Aviano Air Base in Italy 
on Sunday for a meeting with the defense 
ministers of key allies. 

Mr. McCurry, the State Department spokes- 
man, was adamant that the Sunday ultimatum 
only applied to the Sarajevo area and did not 


prevent the Bosnian Serbs from continuing to 
shell other civilian populations. 

“The NATO ultima rum dearly does not ad- 
dress the redeployment of that artillery 10 other 
places within Bosnia," he said. 

* . __ «L a that fhl® 


other places with Bosnia." he said. 

France also warned Friday that the Weston 
allian ce remained determined to implement the 
ultimatum if its conditions were not met 
“The decision announced yesterday by the 
Serbs under Russian pressure \s positive, but we 
are used to so many unfulfilled commitments, 
unrespecied cease-fires and broken words that 
we shall have to see before deriding," Foreign 
Minister Alain Juppe said in Pfcrigueux. south- 
western France. 

Mr. Juppe implicitly rejected a warning from 
President Boris N. Yeltsin of Russia to Presi- 
dent Francois Mitterrand of France against 
NATO air strikes on Bosnian Serbs if the ulti- 
matum was not respected. 

Tf the ultimatum is not satisfied, Mr. Juppe 
said, “the Atlantic allian ce in coordination with 
the United Nations will have to do what it has 
previously announced. It’s a matter of credibil- 
ity.” . 

Mr. Mitterrand's office said a message deliv- 
ered by the Russian ambassador, Yuri Rhyzov, 
on Thursday warned against the “terrible con- 
sequences" of an air strike. 

Mr. Juppi said that the withdrawal of the 
heavy guns was only the first step, which must 
be followed by allowing freedom of movement 
fra- people and humanitarian convoys in toe 
Sarajevo area and putting the distnet under UN 
adminis tration. 

(Reuters, AP) 


TTTF. COST OF LIVING By Harvey Estes 


At Deadline 

Gmpite by Our Stiff Ftom Dupaleha 

GENEVA — The United N»- . 
tioos wiD halt convoys in Bosnia 
for at least two days aroond-NA- 
TO’s deadline for Seririan forccsto 
withdraw heavy weapons bom Sa- 
rgcTOOTbcbornboto 1 ... . 


the UN High Comiri sooner .for ; 
Refugees, said Friday that Acre 
would be no convoys Sonday or 
Monday for security reasons. : 

She said the airlift into Saragevp 
would continue. . - . • • , 

The dodsiori watto berevi ewea 
Saturday morning, and again Sun- 
day in fight of the latest develop- 
mints on the N ATO uHSmatui^ m 
which air strikes are threatened if 


; Coettaaed fnmr Page 1 
challenge the West .to press the 
Muslim-led Bosnian government. 

•' <Tbe Bosnian Srihs ha»e agreed 
to withdraw all heavy artillery due 
-to the appeals of JYe&lent Ydtsin 
and promises of Russian -peace- 
keeping, troops in the area,” said 
the Russian lortign minister, An- 
,d id V. Jtozyiw. “We, ^eefort, 
expect oOTwestenpartnerato en- 
courage the other side to withdraw' 

.• thm weapOni. Itis time to than to 
art rather than- talk about ultima- 
tums.” 

' Jftfcejtosman Sertware true to 
• itheir vrad, then Rusria wDI be aHp 

.historic Savie^ andOriltodax bonds 
betweea thenx in the interest pf ne- 
' gotiatmg peace. • . 

- By keeping a iBstance from the. 
Wesfs threats, Moscow can say it 
was able, wheat the tone, came, to 
ixse its iuOumce with the; Sobs to 
gpodraEfect 


At home, Mr. Yeltin’s peace- 
making- moves are certmn to look 
good in comparison with the recoit 
mmnimte by Vladunir V. Zhirin- 
ovsky,- the ultranationalist political 
leader wbo has managed to scare 
even some of has own supporters 
with has bdHcose statements. 

’’ After a wlrirtwind tour of Serbia, 


UULU 15 wrnwi AMs* row— “Try y 

the most extreme Serbian national- 
ins, Mr. Zhirinovsky recently told 
Russian' lawmakers that any 
NATO strikes against Scabs would 
amount to an attack an Russia, and 
. provoke another world war. 

What the Russians will never ad- 
mit, not publicly anyway, is that 


agreed. to move their guns bad they 
not faced a new Weston threat to 
inflict military pmushroent for con- 
tinuing the siege of Sarajevo. 

Whhont the NATO ultimatum, 
there would have been no Russian 


initiative!, and no Serbian acconL 

Thus, if the cease-fire holds, and 
the siege of Sarajevo is lifted, and 
peace negotiations resume in ear- 
nest, then it wiD have taken a new 
and carious post-Cdd War chore- 
ography, in which both East and 
west have glided aroand each oth- 
er with artful steps and fonts. 

It may not be the partnership ^the 
two sides bad in mind in the initial 
stage of the post-Comzxnuust era, 
but if it works, both sides are cer- 
tain to want to share the credit 

Bat veteran diplomats familiar 
with the treachery of Balkan tx*- 
tks were reluctant to herald toe 
agreement reached Thursday as the 
basis of a lasting peace. 

“Just because people say things 
are happening doesn’t mean they 
will,” one Western fiptomat said. 
Tf they do happen, then the Rus- 
sians should get some credit to it. 
and that will be lovely.” 


me tacuuag • - _ - T 

Tt* -rtiast-* NATO: Serbs Continuing Pullback as Deadline Nears 

tiwmher* currently moaned. m. - • ^ 




Miss Foa said about TOO staff 
members cmrently ronaiaed m. 
TVvenia. down fromthe usual leva 
of 260. About one-third of daman 
international, she said. . 

“We have reduced staff m now 
areas and we may reduce further, 

she said. “But in any place ■mere 

1 wehaveanugoraigt^O!^ 110 ®* 

’ we wffl still be.there.’*; • 

sate said most tracks would re- 
roni to bases outside Bosma py 
Saturday. The refugee agency 
planned to resume" the ccajvoys 
Tuesday. . . 

“Having tracks out diere wnen 

the otmtion is tennisrastnrt 

worth it," Miss Foa Mid. ^ 
- not going to &A a nyvtoe re^anyway. 
TbcyTl sit at cfaedq«int& 


mffitmy leaders to take UN ivw*- 
ers hostage in the event of NATO . 

air strikes. , • ■ • 

“We take that with a gr am or 

salt,” she said, “We taw assur- 


WrtherMn^am*3daremof Bos- 

•,l£ ^S^ old ap pcar. to be 
meeting axeqaestfrean a t ra tS tto t- 
al ally rather than catatula tmg to 
Weston threats.. ' 

Some Bosnian government offi- 
cials criticized the planned deploy- 
ment of Russian pcaccktrpeni, say- 

Stte«ntilicti" Bui Mx-Akashi said 
be had told the Bosnian Muslim 
■ preskfcnt, Alga lnXbegovic, that 
. the UN troops.wpuW rrai^m , 
jraL • ~ 

“Weareof^x^ v c,”hesakl“We 
are inmartiah.. ... .j . 

Mr. Akasfai, .who later met_-wi& 
UN and NATO- nrifitoty com- : 
mwntder s m Zagreb, Croatia, said 
Mr. Karadzic agreed to allow friU. " 
freedom of roowroent for UN par, 
trrfs in a 2 ftkifimieter(Iimae)«x- 
•' duskm ana around- Sangevo. * •. . 
“Some significant number of 


heavy artiDery and mortars have 
beat withdrawn from the exclusion 
zone," Mr. Akashi said. Weapo ns 
not withdrawn were to be grouped 
at seven, sites and placed under 
control of UN troops starting at 
nridetay Saturday, he said. 

'Mr.. Akashi stressed that time, 
was rahmng short, but added, T 
■ think we are on the right crack." 
..-Bosnian government officials 
wberied (hat if the peace process 
stalled, the ceasofke could seal 
-Seihian gains on the battiefeid and 
lead to uepecmaniott partition of 
Sarqevo, which has been under 
Serbian siege to 22 months. 

■' One UN official said, “Sarajevo 
is already a 1 divided city, just like 
: Boeria^is a divided country, be- 
: cause the Sobs have beaten ■ the 
Mnslhns in the war.” 
JJ^teieparts that the Bosnian 
’ Serbs have begun cranplying with 
the NATO nltimktnm, Saiqevo’s 

Qvil defense officials have ordered 


preparation of bomb shelters in 
raw, air strikes bring massive Bos- 
nian Serbian retaliation. 

“I don’t trust UN reports and 
especially not the Serbs,” said Fuad 
Babic, the dvii defense command- 
er. T wffl believe in the withdrawal 
when I see it The moment is com- 
ing, and I think NATO wffl strike.” 
^Schools in Sarajevo, which have 
been dosed since Dec. 3 for lack erf 
heat, were to have reopened Mon- 
day but will remain closed for at 
least another weds. 

The city's two major hospitals 
have been placed on alert. Some 
private companies said they would 
dose next week, as a precaution. 

Fl mil Jeriagic, 25, is both scared 
and excited about (he prospect of 
air Strikes. 

“Despite the fact that the threat 
was never more serious, I simply 
cannot imagine that something 
beautiful like this could happen, 
she said. (Reuters, AP) 


ACROSS 

1 “The Virginian- 
star 

5 CIA. mole, 
perhaps 
to Yankee 
home-run 

legend 

15 tUackmailer's 
meeting point 

19 Defendant's 
friend, often 

20 Delivers a 
philippic 

21 Practice piece 

22 New Rochelle 
college 

23 Sun of a quip 

27 Stan of an ode’s 
tide 

28 One of 12 popes 

29 Redding of 60’s 
sou! 

30 Lists 

31 Writer Quentin 
33 Stop on a 

European tour 
35 Secretly take 
37 To land 

39 Mata 

40 Leaves 

43 Quip, pan 2 

48 Ending for 
silver or glass 

49 Rubbernecked 

50 They maybe 


51 Wander 

52 Unwiity 
comebacks 

53 Board 

55 like Windsor 
wives 

56 Actress 
Bdafonte 

58 "M" star of 1931 

59 Miss Piggy and 
others 

60 Untrustworthy 
son 

61 Quip, pan 3 

67 Electron 
collectors 

68 Aware of 

69 None Dame 
faithful 

70 Lucky - 

71 Kind of acid 

73 Meanness 

74 Blubber 

77 Food additive 

78 Stories 

79 Circuit 
component 

80 A lot of lot 

St Quin, pan 4 

87 Goddess of 

righteous anger 

88 All over 

89 Filmdom’sMr. 
Chips, 1969 

90 Governor 
Wilson 

91 Sunbathing, 
reading, etc. 

93 Pad type 


94 1979 Weaver 
film 

97 El 

98 Stuff 

99 Bum cause. 


© New York Times. aSted by Eugene Maleska. 

H It I. I - ■ ■ !■ I ' I - l» ■” I" I 11 I" I” 


Its |» In In 


perhaps 
102 End of the quip 

108 Genesis brother 

109 Donnybrook 

110 Weak poker 
hand 

lit Rats! 

1 12 African rulers 

113 Gets slick on top 

114 Insults 

115 Wonders aloud 


Solution to Pnzrie of Feb. 12-13 


ranoa □□□on □□□□ QBgn 
nnnn mnnn n^nnn rtrinn 
aaosnnanngBnBnsng® 0 
rmnnnnn finnan aBBDQ 
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r^rann nniin nnnnn ontTu 


1 V.I.P. in woman 
suffrage 

2 Rios, 

Jamaica 

3 Stands 

4 Bribe 

5 Stroked 

6 Short shot 

7 Colony members 

8 Utmost 

9 Mao rang 

10 Bombay-born 
conductor 

11 Had a quiet 
dinner 

12 Ingredients in 
president es 

13 Infamous 
dictator 

14 “Wait a !" 

15 Caich-22 

16 Parks of 
Alabama 

17 “Come , 

the water’s 
finc!“ 

18 One-star 
ratings 

24 Hubert's 
successor 

25 General Powell 

26 "All praise to 


32 First film in 
CinemaScope, 
with “The" 

33 Flickaand 
others 

34 Angry 

35 Raymond’s 
lawyer role 

36 Statutes 


37 PanofaWelk 
mm? 

38 Toppled leader 
of 1979 

39 Mills of 
Hollywood 

40 Grim 

41 Pretty follower 

42 Light brown 

44 Pine 

45 “Tommy* band 

46 Not so good 

47 Vibrato sound 

53 Saunter 

54 Times to 
remember 

55 Words of 
wisdom 

56 Brainpower 

57 Doth possess 


58 Munroeof 
“Charlie’s 
Angels’ 

59 Browning work 

60 Hold on 

61 Like nice weather 

62 Perfect accord 

63 Word with lie 
or lash 

64 Teary 

65 Woodcutter 

66 Colonial 
newscaster 

71 70’s sitcom 

72 Stockyard 
sounds 

73 Tenant lender 

74 Cause of some 
halted traffic 

75 Nuncupative 


76 “La Belle et la 

“ (Cocteau 

film) 

78 "Ahem!* 

79 off (repelj 

80 Like of 

bricks 

82 Momentum 

83 Adults-in- 
i raining 

84 Capital near Bac 
Ninh 

85 Is unsteady 

86 Foundry product 

91 Dragged, in a 
way 

92 .dust 

to ..." 

93 Indian V.I.P. 


94 Passed easily 

95 Makes 
successful 
getaway from 

96 Britisher’s 
exclamation 

97 Influence 

98 Head the casr 

100 Big Apple 
namesake 

101 Eagles 

103 Govt, money 
overseen Abbr. 

104 “Cry 

River" 

105 Computer key 

106 Nautilus habitat 

107 Nabokov 
heroine 


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INTERNATIONAL 



PUBLISHED WITH THE NEW YORK TIMES 4N» THE WASHINGTON POST 


A Political Sale to Saudis 


tribune U.S.- Japanese Trade Disputes Need a Quiet Forum 


In the highly politicized market for jet air- 
liners, BOl Clinton has just scored a great 
coup. He has persuaded Saudi Arabia to buy 
S6 billion worth or American planes. The 
Saudis intend to replace the fleet of their 
national airline, but they originally proposed 
to divide the order between Boeing and .Air- 
bus, the European consortium. After intense 

lobbying by President Clinton personally and 
several members of his cabinet. King Fahd 
changed his mind and decided instead to buy 
only American planes from Boeing and Mc- 
Donnell Douglas. That is splendid for em- 
ployment in the American aerospace industry. 

But in the future, neither die American air- 
craft companies nor their friends in Washing- 
ton will be able to complain, as they have 
done bitterly in the past, about other govern- 
ments' interference in aircraft sales. 

Mr. Clinton would no doubt say that be was 
only doing what the beads of European gov- 
ernments have always done in behalf of their 
companies. That is true, but political interest 
is rarely absent from any of these sales. No 
one understands that better than the Saudis. 
They know that they have now done Mr. 
Clinton a huge favor with a very positive 
impact in a state — California — where he 
needs all the help be can geL They hope he will 
remember that the next time the shadow of a 


threat falls across their kingdom. They also 
know that their style of government, a medi- 
eval monarchy, lies at some distance from the 
democratic ideals that the United States ac- 
tively promotes in most other places. They 
like io give Americans good reason to stay off 
that delicate subject in their country. 

The S6 billion for civilian jets is a relatively 
small amount compared with the S30 billion 
in American military equipment that Saudi 
Arabia has on order. Because of the current 
low prices of oil, the Saudis have had to 
stretch out many of these purchases. Despite 
these obvious financial strains, the Clinton 
administration says it is not worried about the 
Saudis' ability to pay for the new planes. 

Relations between Saudi Arabia and the 
United States have become increasingly dose 
over the years. They begin with oiL But Saudi 
Arabia is a thinly populated country, mostly 
desert surrounded by many enemi es. The Sau- 
dis find it prudent to recycle some of their oil 
wealth bock into the U.S. economy in ways that 
make useful friends — in this case, by helping 
to soften the effects of the cots in American 
defense spending. In return they ask only that 
Americans in power think kindly of their erran- 
try, and of the convenience of keeping it safe 
and stable under its present regime. 

— THE WASHINGTON POST. 


Incentives for Iraq, Too 


What is the best way for America to coax a 
secretive, unpredictable and sometimes bel- 
ligerent “rogue regime" to abandon efforts 
to make prohibited weapons like nuclear 
bombs or chemical and biological agents? In 
the case of North Korea, a deft diplomatic 
mix of economic incentives and threats of 
trade and financial sanctions is be ginning to 
yield encouraging results. Yet in the case of 
Iraq, the Clinton administration clings to the 
purely punitive approach that it inherited 
from George Bush. 

United Nations arms inspectors now fear 
that U.S. reluctance to lift sanctions on Iraqi 
oQ exports, in exchange for Baghdad's full 
compliance with arms control d eman ds, could 
undermine the Iraqi cooperation that they 
need for their efforts to succeed. 

The Gulf War revealed that Iraq had been 
secretly developing a wide range of mass- 
destruction weapons, including nuclear 
bombs, medium-range missiles and both 
chemical and biological weapons. Malting it 
impossible for Iraq ever again to manufacture 
or possess such weapons rightly became (he 
top UN priority after the war. 

Security Council Resolution 687, approved 
and largely drafted by the United States to 
ratify the cease-fire terms, reflected that prior- 
ity. It states that once the council finds Iraq in 
full compliance with all provisions relating to 
the destruction and monitoring of prohibited 
weapons. UN sanctions against Iraqi oQ ex- 
ports “shall have no further force or effecL" 
Eager to resume those oQ sales, Iraq has been 


broadly cooperating with UN arms inspec- 
tors. although problem areas remain and 
long-term monitoring has barely begun. But 
Washington strongly hints that it will block 
the lifting of oil sanctions until Iraq meets 
other unrelated Security Council demands, 
like recognizing the new Kuwaiti bonder and 
curbing repression of Kurds and Suites. 

Iraqi officials now warn that Saddam Hus- 
sein could order them to stop cooperating 
with aims monitors if the Security Council 
does not mean to honor its own language. 
There is political gamesmanship in these Iraqi 
warnings. Yet Washington would serve no use- 
ful purpose by unDaterally rewriting the rules. 

Before the Security Council can deem Iraq 
in full compliance with its aims obligations, 
Baghdad must establish confidence that it 
would keep cooperating with UN monitors 
even after oil sanctions end. One precondition 
for such confidence is that Iraq build up a 
record of cooperation over an extended peri- 
od of time, probably at least six more months. 
Other aspects of Iraqi behavior can legiti- 
mately be considered, but only to the extent 
that they directly bear on the confidence issue. 

The point of sanctions is not to punish 
malefactors to eternity, but to make stubborn 
governments, even “rogue regimes," do what 
they otherwise would noL That requires good 
faith on both sides of the sanctions bargain. If 
Baghdad can fairly meet the conditions of the 
Security Council resolution, it should qualify 
for the promised relief. 

— THE NEW YORK TIMES. 


Face-lift for Foreign Aid 


Responding to its own inclinations as well as 
to bipartisan demands in Congress to improve 
the looks of foreign assistance, the Clinton 
administration performed radical reconstruc- 
tion on the aid program last year. The face-lift 
did not come about without causing some 
trauma up and down the ranks of the Agency 
for International Development As a remit of 
the surgery, foreign aid has a new lease on life. 

Budding on the 1989 HamQton-Gilman re- 
port a Bush administration reform proposal, 
and the Wharton foreign assistance task force 


Slate Clifton Wharton), the administration 
drafted a new bill that trims away 33 separate 
aid goals and 75 priority areas that Congress 
had forced on a succession of Democratic and 
Republican administrations. The new mea- 
sure also peels away numerous funding ear- 
marks and outdated country restrictions, ail 
Cold War relics embedded in the 33-year-old 
aid statute. Goae, loo, is the Economic Sup- 
port Fund, which the administration rightly 
sized up as a program singularly unsuited to a 
world no longer threatened by communism. 

What has emerged is a smaller and neater 
measure with a less invasive set of foreign aid 
policies and objectives. That, at least is the 
appearance offered by the foreign assistance 


act rewrite. But even with the tail’s new fa- 
cade, it is fair to ask whether there is much 
else dial is new or different underneath. Look- 
ing at the fiscal year 1995 foreign aid budget, 
it isn’t at all clear that there is. 

While the bill's titles and nomenclature 
have changed — this year's foreign aid rally- 
ing cry is railed “sustainable development" — 
the lion’s share of the Clinton aid dollars will 
continue to flow in a familiar pattern. The 
former Soviet Union and the MitUle East will 
garner more than half the funds in this year’s 


before. There is no assailing the rationale for 
making such massive investments; promoting 
democracy, open economies and the peace 
process serves American interests. But when 
set-asides for protected foreign countries are 
subtracted, not much is left in the AID budget 
for all the other countries with equal needs 
and a commensurate ability to use scarce 
resources effectively. 

The administration should be commended 
for producing a long overdue aid reform bQL 
Now it is up to Congress to agree to a new 
statute — and also a new budget that sets 
priorities according to America's true capaci- 
ty to deliver what is needed. 

— THE WASHINGTON POST. 


Other Comment 


A World Away From Geneva 

What on earth does the White House think 
it is doing? Hot on the heels of Japan's 
(sensible) rejection of American demands 
for numerical targets to boost American 
firms' sales in Japan, the Clinton administra- 
tion has threatened trade sanctions and baf- 
fled financial markets. After a meeting in 
Washington between Bill Clinton and Mori- 
hiro Hosokawa had broken down rancorous- 
ly, the yen spiked upward against the dollar, 
and administration officials talked publicly 
about favoring a weaker buck. Since Ameri- 
can interest rates recently rose, and Japanese 
ones are likelier to fail than rise, this is 


mystifying: if a weak dollar is what the 
White House wants, it is unclear, to say the 
least, bow it hopes to achieve it. 

All this smells horribly of the summer of 
1987. when a row between American offi- 
cials and German ones ended in a world 
stock market crash in October. As stock 
markets a gain look vulnerable to a change in 
investors' mood, the While House's blend of 
trade war and policy confusion is at best 
reckless. It is all a world away from Geneva 
just nine weeks ago. when delegates to the 
Genera] Agreement on Tariffs and Trade 
worked around the dock to conclude the 
Uruguay Round of trade talks. 

— The Economist (London). 


International Herald Tribune 

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A TLANTA — Ever since Japan became 
. one of America’s most important trade 
partners and competitors, differences in- na- 
tional policies ana priorities have threatened 
to degenerate into a counterproductive trade 
war. The current standoff is the most threat- 
ening in recent years and could have extreme- 
ly serious consequences. 

Such disputes are hardly unexpected, given 
the integration of Japan s government and 

The wise men were disbanded 
soon after Ronald Reagan 
teas inaugurated, 

private sectors and its extreme dependence 
on exports. There is little doubt that Japan, a 
relatively closed society, has alliances 
among corporations that would violate 
American antitrust laws as well as safe- 
guarded paths of product delivery from raw 
material suppliers through manufacturers, 
wholesalers and retailers to consumers. 

National laws and customs perpetuate 
these arrangements, malring penetration of 
the market very difficult for foreigners unless 
they find a way to become part of the system. 


By Jimmy Carter 


In fairness to the Japanese, U.S. law 
almost completely exclude foreign imports 


that compete with vulnerable or politically 
powerful American industries or farm pro- 
ducers. Then, too, until recently most U.S. 
manufacturers depended on America’s enor- 
mous domestic market for sales, with rela- 
tively little emphasis an exports. 

With a Tew notable exceptions, American 
consumer goods are not designed to accomr 


There is a proven alternative to counter- 
productive sanctions, public condemnations 
and arguments. 

In the late 1970s, a U& Japan Economic 
Relations Group met regularly and privately 
to address the multiple trade problems that : 
inevitably arose. The prime minister appoint- ; 
ed four Japanese and I chose four Amenrans.. 
Soon known as “wise men,” all were respect- 
ed senior statesmen knowledgeable about fife _ 


ad politics in both counties. 

The co-chairmen were former Ambassa- 
dors Robert Zngensoll and Nobuiuko Ushiha. 
With them were A. W. Ctaasoi Hugh&t- 
rick, Edson Spencer, Akib Marita, Shuzo 
Muramato and Kirehi Seefci. - 
Tbcy hadno authorify and only advised the 
president, the prime minister and the special 

trade representatives: 

Controversial issues — such as those in- 

siansrts antTSSs^- t^retared to than. 
Far example, Japan quietly accepted a pro- 


consumers. How many Japanese cars would 
Americans buy if all their steering wheels 
were on the right side? 

Still there are situations and products that 
require attention at the highest level in Wash- 
ington to enhance equitable access to mar- 
kets. protect domestic employment and pre- 
vent the dumping of foreign goods in the 
United States at or below production cost 

These factors are exacerbated by domestic 
political pressures, with leaders of both na- 
tions striving to avoid blame for economic 
problems and to gain credit for spirited ac- 
tions and words against economic competi- 
tors. Fiery language, threats and step-by-step 
sanctions escalate almost beyond control 


to America and begin a program of producing 
Japanese cars there. 

Another resolved crisis related to allega- 
tions (hat the Japanese were dumping certain 
kinds of sted products on the American mar- 
ket at prices below those demanded in Japan. 


■ -The wise mesa’s arggeaat^(^mo«ahways 
; unanimous) were shared With top n a tion al 
leaders, who were still free to become porcoft* 
ally invrfved or to initiate .a public debate. 

The -system worked remarkably weft. De- 
veloping problems coaid be addressed al- 
most rmmoliately before they became con- 
troversies , and. the result of actions Taken 
could beassessed quickly: . ■ ; > \ 

T here was almost total freedom of com-, 
mumcation, confidential! fy was preserved, 
and die need forface-saving and political 
rhetoric was minimiz ed, lire president mid . 
lus special trade jrwiwdjtative were proyid- 
"• ed with sound and wdl-balanced advice on 
which to make d ^riria^s. x 

ttvh had considered an issue and made a joint ’ 
recommendation earned, great weight and 
‘hebexf remove the stigma of poEtkazation. 

‘ The wire men' were' disbanded soon after- 
Ronald Reagan wa& inaugurated. The same 
system can work again and be urinated almost 
immediately. It would pay rich dividends. 

Former President Carter is chairman af the 
Carter Center, which promotes conflict nsohe- 
tion.dcmociaiizatim and Be con- 

tributed this commotr to The New York Times. 


NATO Air Strikes Would Stoke Up die War and Affront Russia 


S ARAJEVO — The United States 
and its reluctant NATO allies 


By Misha Glenny 


have embarked on a dangerous game 
of brinkmanship. If air strikes are 
used against Serbian positions in 
Bosnia after NATO's ultimatum ex- 
pires at midnight Sunday, they could 
touch off an even more destructive 
war throughout the 

And they could undermine relations 
between the United Stales and Russia 
and deal a severe blow to Russian 
political and economic reform. 

The dangers to U ^.-Russian rela- 
tions were only underscored by Thurs- 
day's report that President Boris 
Yeltsin nad persuaded the Bosnian 
Sobs to withdraw their heavy guns 
aimed at Sarajevo. 

Until now. President Bill Clinton, 
who has invested much of his foreign 
policy capital in supporting Mr. Yon 
sin, has gone out of his way to avoid 
antagonizing Russia over its tradi- 
tional ties with the Serbs. But Mr. 
Yeltsin is fast shedding his commit- 
ment to reform in the face of rising 
social discontent and nationalist senti- 
ment. And the ultranationalist Vladi- 
mir Zhirinovsky continues to strength- 
en his political base by exploiting 
Russian sympathies with the Serbs. 


to establish a cease-fire, separate the 
warring armies and begin to restore 
normal life in Sarajevo. 

If honored by the Bosnian govern- 
ment and the Serbs (and we must 
pray that it win be), the agreement 
could end the daily terror raced by 
the civilians of Sarajevo and restore a 
semblance of normality to the city. It 
could also serve as a model for towns 
like Mostar, T urin and Gorazde. 

Bui the NATO ultimatum sharply 
raises the stakes. It gives more teeth to 
the Rose plan but tbe risks thnt 

much greater. If the Serbs faQ to meet 
it, then tbe bombs are sure to fall or 
NATO's credibility will be in tatters. 

If NATO does attack, what then? 

First NATO air strikes will not 
stop the war in Bosnia. For many 
months, the worn battles have been 
fought between the Croats and Mus- 
lims in central Bosnia and in Mostar. 
This will intensify as the Muslims 
exploit the tactical advantage that the 


NATO intervention gives' them. In 
turn. President Franjo - Tudjman of 
Croatia win send more troops to sup- 
port the Bosnian Croats. 

Second, the Serbs will not take air 
strikes lying down. Because of. the 
economic chaos caused by sanctions, 
Serbs throughout the fanner Yugo- 
slavia are extremely hostile to the 
West They will perceive NATO ac- 
tion to be the last straw. 

The Serbs havemorc titan one way 
to respond. Apart from attacking for- 
eign nationals in Bosnia (including 
UN peacekeeping troops), they can 
im pyA the irrianTes that they have 
trained on Sarajevo and other towns. 
They could open a new front to tbe 
south, in Kosovo or Macedonia. 

The Serbs are not tfae only threat to 
the stability of the southern Balkans. 
Such threate internal, and external 
have proliferated in recent months, as 
the UJS. State Department dearly, 
recognizes. Diplomats in die Mac- 


edonian ca pital Skopje, are especial- ■' 
ly concerned about the growth of 
radkalum among the Albanian mi- 
nority in western Macedonia. 

Washington's recent decision to 
recognize Macedonia unleashed a 
disturbing and- violent outburst of 
anti-American feeling in Greece. Oh 
Wednesday, Greece decided to dose 
its border with the fomfcr Yugoslav 
republic of Macedonia. That decision 
could imperil the econ om ic stability 
of this tiny landlocked republic, 
where two wars Bave’ already been 
fought in this cen tury. . 

Through diplomatic channels, the 
Unitedotatea has warned Macedo- 
nia's neighbors that it is vitally in- 
terested m the country's survival 
Yet NATO air strikes could -seal 
Macedonia's fate. . 

Id December. 1991, Gennaify pre- 
maturely insisted on xepcgpiizmg CtOr 
■aria, against the better-judgment of 
the United: States and Britain. This' 
proved to be Bosni^sdeathsemence. 

Bombing the Serbs would not stop 


the war in Bosaia, but it woukUmen- 
afy the ferocity of nationalist confEct 

in the southern Balkans. Are the 
United States and NATO about to 
commit an even greater historical fol- 
ly than the Germans? 

: . President Qmtoa's special envoy 
for Yugoslavia, Claries Redmond, 
said last week that he intended to 
iakca more active role in the search 
foe a negotiated setdemenL Tins & a 
most welcome sign. 

Russia and the United States , 
must start cooperating nnmedituefy 
on tHs issue. Now that Russia has 
-put pressure on Serbia-tb strike a 
deal the United Stales should en- 
; courage the Bosnian Mushins to sign 
up. For NATO air .strikes would 
destroy more than Serbian gun em- 
placements. They would kin the 
peace process as wdL ... 

-.. The writer, a former BBC corre- 
spondent and author of “The Fan of . 
YugpsLdria,” contributed this comment 
to Vie New York Timex. 


So air strikes in Bosnia would be a 
frontal challenge to Russia. 

A senior United Nations official 
here told me this week that the 
NATO ultimatum had “as much to 
do with the Americans' desire to 
teach the Russians a lesson as it has 
to do with the situation in Bosnia.' 

A high-ranking officer of the Bosni- 
an army said: “We have no illusions 
about American intentions in this re- 
gion. Tbe U.S. wishes to establish a 
military presence in the Balkans." 

There is evidence to support this 
view. In the last year, Albania has 
leased a naval base to the United 
States and allowed the stationing of 
two spy planes on its territory. Under 
UN auspices, 300 U.S. soldiers have 
been stationed in the former Yugoslav 
republic of Macedonia. NATO was 
not party to any of these operations. 

“Not a week goes by without some 
four-star American gaeral paying us 
a visit,” said Saso Ordanoski Mac- 
edonia's most respected political 
commentator. It seems unlikely that 


morale of their troops. 

Small wonder, then, that Mr. Yelt- 
sin was so eager to persuade the Bos- 
nian Serbs to back away from the 
brink. Or that the British and the 
French, aware of tbe dangers in a 
proxy conflict between the United 
States and Russia in tbe Balkans, 
pleaded with Moscow and Washing- 
ton to grit a chance to the deal bro- 
kered by Lieutenant General Michael 
Rose, the UN commander in Bosnia: 


If Intervention Isn’t to Be Decisive, Why Intervene? 


W ASHINGTON — The good 
news about the U.S. decision 
to, in effect, conditionally enter the 
Yugoslav civil war on the side of the 
Bosnian Muslims is that it could 
have been worse. The administra- 
tion could have gone the mindless 
route of punitive air strikes against 
the Serbs in retaliation for the'Feb. 5 
mortar attack on the Sarajevo mar- 
ket that killed 68 people. Instead it 
issued an ultimatum designed to 
prevent future such attacks. 

Moreover, the ultimatum is mar- 
ried toapoHticaJ strategy: apledge to 
lean on the Bosnian Muslims to ac- 
cept the partition of their country. It 
is tbe Muslims, dissatisfied with the 
share of Bosnia allocated to them in 
the current peace negotiations, who 
have been holding up an agreement. 
U.S. willingness to pot some pressure 
on them is a sign of highly belated 
enlightenment 

It was only a year ago. after all 
that Secretary of State Warren Quis- 


Vance-Owen plan because it gave tbe 
aggrieved patty, the Muslims, too lit- 
tle. (They will now get less.) It was 
almost exactly two years ago, before 
the civil war broke oat that the Bush 
administration opposed another par- 
tition plan agreed to by aB sides in 
Lisboa that gave tbe Muslims more 
territory than even Vaace-Owen. 

Looking bads, “the Lisbon agree- 
ment wasn t bed at aft" says then uB. 
Ambassador to Yugoslavia Warren 


By Charles Krauthammer 


Znnmermann. But not good enough 
far Americans. Now, two years and 
tens of thousands of dead later, the 
United States is finally deigning to 
step down from the high moral ground 
and push for a realistic partition. 

That is the' good-news. The bad is 
that it is ham to see this strategy 
working If the Muslims resisted the 
current European partition plan as in- 
adequate when they were alone and 
abandoned, why should they sign on . 
now that NATO is. in effect, prepared 
to intervene on their side? 

And where exactly does tbe NATO 
intervention lead? Tbe ultimatum 
a gains t artillery around Sarajevo is 
(resigned — we are assured by Wall 
Stocombe, deputy undersecretary of 
defense responsible for Bosnia policy 
— neither “to affect the military out- 
come" nor “to compel die parties to 
settle.” Why? Because to do that 
would require massive NATO mili- 
tary involvement and “soch use of air 

portionate to our interests at sta£t” 

But if UJS. interests arc not pro- 
portionate to the task required, what 
is America doing intervaring in the 
first place? What is the point of a 
military intervention designed in ad- 
vance not to affect the military out- 
come or compel tire parties to settle? 

Moreover, tbe prioe of such limited 
action could be very high. After all 
tbe Muslims have been literally dying 


Feeling His Way Amid the Sniping 


SA eu capital de I.2CG.CVI F. RC5 Sasum B 7J202II26 GwwitfJKW Pariiaire No. 61337 
9 1993. kamaandHeati Triune. Ad njs reserjtd. ESN: 0SUSF1 


By Stephen 

W ASHINGTON — BiH Clin- 
ton may not have won full 
bipartisan support for his foreign 
policy, but he is drawing bipartisan 
critidsm. From two politicians of 
different stripes. Republican Sena- 
tor Robert Dole and Democratic 
Representative Dave McCurdy, 
come sharp raps on the substance 
as well as the style of his policy. 

The criticism uttered by Mr. 
Dole, the Senate minority leader, is 
pretty much what you would expect 
from someone very Washington- 
shrewd who has his eye on the Re- 
publican presidential' primaries of 
1 996. Mr. Dole wants a more asser- 
tive policy is which America is the 
“predominant" player, “first among 
equals.” not just “one of the equals." 
He reserves special animus lor an 
ostensibly overreaching United Na- 
tions. ■o'ufcch. he dolaresu Pres- 
dent Clinton has “subcontracted" 
American independence. 

The true source of much of Mr. 
Dele’s presentation is nostalgia. 
His jarnent is for a time and a 
condition of American supremacy, 
as much imagined as real in which 
the United Stales invariably had its 
»ay. We Americans all have mo- 
ments of frustration when we in- 
duise this fantasy, and so the ad- 
ministration cannot afford to 
ignore it ar.d him. although one 
wishes tiret the supposedly hard- 
headed Dole would deliver nis con- 
stituency to a more realistic view. 

But there is a second string to 
Mr. Doles bow. He is 3ble to har- 
ness to his purposes Bill Clinton’s 
own undeniable confusions about 
the uses of tire United Nations. The 
administration started oat emanat- 
ing visions of turning over to the 
world bodv the hard cases among 


S. Kosenfeld 

regional disputes. It then ran into tire 
organizations and its own cultural 
and operational limitations. These 
days it is simply trying to recover 
and protect a little political space in 
which tbe United Nations could still 
someberw serve. These sums and fits 
have opened Mr. Dole’s way. 

Mr. McCurdy’s criticisms add 
something to Mr. Dole’s. Chairman 
of the Democratic Leadership Com- 
al Mr. McCurdy sits among “de- 
fense Democrats” who are not en- 
tirely sure how their nresidem will 
handle tbe foreign policy "opportu- 
nities” that 1994 offers’ Mm. He is 
all in favor of the “bold” leadership 
that Mr. Dole, too, evokes. Mr. 
McCurdy, whose own presidential 
aspirations are little concealed, dis- 
plays some boldness of Ms own. 

The single most policy- and 
ihougbr-bnuddling issue of the 
post-CoId War ’90s is whether the 
Bosnias, Somalias and Haitis are so 
important to the United States that 
it should be p r ep are d to intervene 
to shape an outcome toils lilting, or 
whether America can lire well 
enough with whatever result emerges 
(Hi its own. Most of us, indnding Mr. 
Dole, fudge this issue, scoring tbe 
president for a passive and reactive 
policy even wMie taking care not to 
raise the stakes too high, because 
that would force a commitment to 
act before we are ready for it. 

In approaching this issue, Mr. 
McCurdy is not satisfied to take 
refuge in tbe administration’s nu- 
anced distinction between an inter- 
vention- unworthy “national inter- 
est” and an intervention-worthy 
“vital national interest." Rather, be 
openly asserts that the “universal 
ideals 4, at play in B osnia, So malia 
and Haiti are ^imponant” but must 


be pursued “with restraint” because 
actual U5. ’interests*' there are 
“limited.” The line may not be as- 
dear as be draws it, but fra - stepping 
up to a hard issue he wins a point. 
America’s true priorities, says Mr. 
McCurdy, lie m Russia, China, 
North Korea and the Middle East. 

There remains a central consider- 
ation that both Mr. Dole and Mr. 
McCurdy havegrasped more clear- 
ly than Mr. ClinUm. Bosnia-type 
issues of world order, whatever 
their straK^k: import, are dynamiie 
in domestic politics. 

“The American people really 
don’t care much about foreign poli- 
cy until s omething happens,” says 
Mr. Dole. He acceptsit as apoliti- 
cal given that in a crisis (when 
“something happens”), the public 
expects a president to show Ms 
stuff. It is theater, but it reflects a 
deep and legitimate popular de- 
mand for command ai tbe helm. 
Mr. McCurdy, although be has a 
different policy prescription for 
Bosnia, sees tbe political value of 
coming before the public as a reas- 
suring foreign pobey leader. 

Mr. Qrmon is sufl feeling Ms way 
between the publics isolations and , 
internationalist tendencies. His am- ’ 
bsvaleace has kepthim on the ifefcn- 
sive and denied ten full credit fortes 

roenis in bis elwwnam^ nw phagk 
— improving (he American perfor- ’ 
mance in (be global economy. 

Stift the jabs from tbe Ekes of 
Messrs. Dok and McCurdy seem to 
arise more firm a national edgmess. 
than from deep discontent- The ' 
country is hardly at tbe stage of a 
great debate over foreign policy. Mr. 
UistoQ's preadency is not m dang er 
on that aoawm. He has de time and 
room to settle people down. 

The Washington Past. 


to bring America into the war. Onee: 
the United States gets engaged in air 
strikes, it is committed. It becomes a 
combatant, its prestige, its credibility 
inextricably bound-with the fate of 
. one side, tne-weako; toscag sjde . "• 

- The firirimial mtavention riowbe- 1 
mg proposed win hot bring peace.. 
But die United States is not prepared 
for the maximal -intervention that: 
might: the Desert Storm-type opera- 
tion that serious proponents ofmter- ‘ 
vention (such as General Wiffiam 
Odom, former director of iheNatioo- . 
al Security Agency) admit would be 
required to dedavdy torn the tide. 

. The war wifi go era. American in- 
tervention is, after aft not designed 
“to- affect tbe military outcome.” 
America ytin then be stuck, forced 
ultimately either to withdraw jmder 
pressure when die stakes get too high 
or to ger far more deeply involved. 

Years ago, America similarly 


weaker, losing, dearly aggrieved 
side — the ride invaded and under- 
minedltyitestrtmxeriinore rathjess, - 
totalitarian neighbor. It entered 
there, too, armed with limited p!bjec- 
tives and the best of fiberal good 
intentions. The place was Vietnam. 

But history played little part in 
the decision to weigh in with air 
power over Sarajevo. The decision ■ 
was made on the basis of television 
pictures. ’What changed American 
policy was coverage erf the massacre 
at tbe market 

Foreign policy by CNN may be 
psychologically satisfying but it is 
very dangerous. The record of inter- 

pictmesuan^^qmyOTfcln^^ 
America sent the Marines into Let &- 
non in reaction to the pictures of 
Sfcbra and Shatga. Eighteen months 
later it left, ho "mission accom- 
plished, with 241 dead. 

It went into Somalia because of- 
FHCtnres. This time, at teast the mis- " 
rion appeared nonmflxraiy and did 
save many lives. Nonetheless; die • 
United States has been driven out of 
there, too. It. leaves -with Somalia 
again cm the brink of chaos and with 

30 American dead. 

Contrast these with to one nagv 
military success of die: post-Vietnam 
era. The Gulf War was not provoked 
by pictures. Indeed, there were no . 


images galvanizing American inter- 
vention. America wasgalvamzednot 
byemotionbatfay cold gfoniatinni 

- insecurity, its eccowny, hs allies, it5 

- midear safety — in short, its -vital 
. national interests— were at stake. 

In Bosnia,' 

tiaiiiigs afceadycaffbrated US. inter- 
' eris a£ too smalt to warrant dedrive 
military action. So iheTJnited States 
Ucomntitt^institadroindedsiveac^ 
non. This wffl not end wdL . 

- Washington Post Writers Group: 

Bosnians Matter 

T HERE are both moral and stra- 
tegic reasons for raring about 
Bosnia. The moral argument for sol- 
idarity is that denying sympathy 
deadensiqor moral sense. 

Mare than 200,000 Bosnians have 
- been kiDed in this war, more dan 2 
ariUion have been driven from. their 
homes to no place, is what is called 


sands hirve been raped, tortured, xon- 
tilaied. Bosnian aviHans haw been 
ita. principle target ,cf this war. 

We cannot be indifferent to such 
widespread pain so deliberately iri- 
fhetedoo so many people— at test, 
we cannot be indifferent withqatbni- 
tafiz i ng ourselves, estranging! our- 
selves from our values and fraying 
the bonds of .dyflization- that hold 
together oar society. We cannot deny 
empaihy wrth Bosnians without do- 
hunmn|j.iii^» thf^n 

Moreover, oar indifference to their , 

suffering encourages their vtonnen.--. 
tors, and other taanentots as weft As 
' Freud argued m -“Gvflhatipa and Its 
Discontents,” crime s whidftgo. nn- . 
punished incite others to crime. The 
lesson of the Rhineland; of Eidaopia ' 
and of- Munich is that appeasing, re- . 
warding, ignoring aggression encour- 


Tbc strategic jugomait is asdearas 
tbe moral argument The pattern of . 
expansion in- which Serb ia has ok 
.^ cd-7 1 mBk»ovoiSkivraia t .<>oatia 1 . 
Bosnia, 4 Macedonia, upward toward 
Vqvodma and down toward Albania 
— ma kesefcar that Sertem learfars are 
operating from. a large appetite and a. 


ous today whenthcreis somuch ioste- 
Kfify in Central and Eastern Europe." 
— Feme KhiqKarick,inaco&am for 
the Los Angela Times Syndicate. . 


IN OUR PAGES; 100, 7S; AND 50 TEARS AGO 


1894; APre-LetttenBalL 

NEW YORK — The pre-Lenten fts- _ 

. tivities have been few, Mrs. Bayard 
CuttingV supper after the Opera on 
Wedncttsy {Feb. Wj night and the- 
last Assembly hall bc^ worthy, of 
more tbmjiassing mention. Tbt Ask t 
scorify ball was one of ihe gaypstxrf .’ 
the winter. Although a very late baft . 
the Assembly (fid not last as late as-’- 
(Ed the Bachelors’ baft from which, 
festivity some of the srdocribeis. if- ’ 
ter luring breakfasted on bam-and^- 
eggs at 9 &. OL, went to tashesm. 


: possibility of loang him. created a 
fading ot dismay, winch was only 
pao&ufy. ttferar by jhe reassuring 
bulletins thatsoco were issaedcon- 
. ceoting the. wounded statesman's 1 


riop saM tp t ccgrespcodcnt: “1 
(joeacemthis dastistSy outrage.’’' 


-infike&ttin 

1919s A 

PARIS — < 
nation reign 


■ 1944; , Fakcii Bj Storm .V- 

"EXjNDOlf -^.[Rcoia ^odr NewSfoi 
.p^ticmiL Soyiet- forces advancing 
along ine southem and western 


aria also took 


reb.mcf 









INTERNATIONAL HERALD TRIBUNE 







L>* 









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-v . 




's:.. • 


NS 
: • 


- 


v ; ^ 



* —'•■-‘•-I. 


' i 


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Saturday-Sunday, 

February 19-20 ; 1994 
Page 7 


£ . * 



/in installation in the “Scream Against the Sky” exhibition in Yokohama. 


Fresh Look at Japan’s Art 


■By Card Lmfy 


it means to be both Japanese and modern, and 
Munroegoes to great pams to establish the socio- 



OKOHAMA, Japan — When the Yo- 
kohama Museum of Art announced in 
1991 that it had selected an American to 
curate the most ambitious postwar Jap- 
in the nation's bistay, the news 1 
would one of Japan’s 


political and historical backdrop against which a 

s bom. Fa 


most prestigious art institutions abdicate that re- 
sibility 


ity to a foreigner? And how could Alexan- 
dra Munroc, a New York-based curator, be expect- 
ed to know more 1 than her Japanese colleagues 
about Japanese art? 

These concerns were followed by rumor— sane 
of which came from within the museum— that the 
exhibition would be aflop. The selections, it was 
said, were dull; and there were too Sew works pee 
artist, some of whom were threatening to poll oul 
■ As the opening approached, wooed began .to; 
spread that Munroc, a wett-rcgarded expert on 
Japanese art, had beat set up for a falL'Shc would 
become the latest in along string of reminders that 
foreigners will never master the finer pants of 
Japanese culture. 

It is a welcome surprise, then, that** Japanese Art 
After-1945: Scream Against the Sky,” oaMew at the 
Yokohama Museum through March 31, is a stun- 
ning, if controversial, success. The survey of about 
200 works by roughly 70 artists casts .the Japanese- 
avant-garde in h$ most credible and provocative 
light to date. From the Outai Group — a highly 
experimental, perfeemanro-orieuted, Xansai-based 
movement founded in 1954 — : to thepi^lfiretoo 
genoation erf artists who are grapptirig with issues of 
national identity, the exhibition succeeds in creating 
a new and viable context for Japaneseart 

Indeed, "Scream Against the Sky"; is character- 
ized by a revisionist spirit. It is also distinguished 
by Munroe’s rigorous scholarship and sharp eye, 
and by a fineJy-ttmed installation, overseen by 
Taro Amano, associate cmatorattlic museum. 

But the higgest triujnph of ihe exhibition is its 

art wblffiS fragmented 
and political, whereapredfleefion for documen ts- : 
lion outweighs analysis and where even the most 
rejected curators seem more comfortable jump- 
ing on the bandw^on than starting atirad, Mon- 
roe has tabs a loro forward for Japart-by giving 
the exhibition a hiM% imfividiKiBstici spin. 

At the heart of the show is the question of what 


notion of Japanese modernity was bom. Far from 
imitating Western art, the show argues that 
through movements Eke Gutai and Mono-Ha (a 
late 1 960s group that explores the essence of being 
Asian), the Japanese avant-garde has been moti- 
vated largely by anti-establishment. anti-Western 
sentiments. The exhibition also gives artists like 
On Kawara, Ay-0 and Yoiko Ono their due as 
early innovators of international movements, like 
Fluxus and Conceptual Art. 

"Scream Against the Sky” — the title comes 
' from a conceptual music score by Yako Ono — is 
at once thdnatic and chronotomcal, beaming 
with a section on Gntai, which incudes al Inst one 
masterpiece; Astute Tanaka's “Electric Dress,” a 
costume dan gling with vibrantly painted light 
bulbs and electrical wires in which she performed. 

From Gtriai, the exhibition takes an unexpected, 
but important, turn toward the traditional avant- 
garde, introducing toe bold, almost abstract, callig- 
raphy at Sofa Teshigahara and Yiwdri Inoue, and 
tire sensual vessels of Kazoo Yagi from the 1960s. 

In oentrast with these worts, the exhibition goes 
on to explore anti-art, anarchist and visually abhor- 
rent tendencies of roughly the same decade. The 
highlights indude a series of Hack and white photos, 
at once alluring and revolting, by Shomei Tomatsu; 
four mixed media pieces by Testumi Kndo — dark, 
explosive works that explore Us obsession with 
mntilgfmn and deterioration of (be human body. 
There is also a powerful installation devoted to 
Ibtomti Hijflrm*, the founder of the grotesque 
dance form Ankokn Botch, which has largely 
shaped Japan’s contemporary performance art 
. That toe painting section is the least inspired m 
the exhibition, reflects an inherent weakness in 
Japanese art. Unfortunately, this weakness is exac- 
erbated by Munroc’s mysteriously poor selections. 
Lee U-Fan, the central theoretician behind Mono- 
Ha; tor njstanpe, is represented by three works, two 
V^ducfe^^exwiL AlI are flimsy and without any . 
historical relevance. 

“Scream Against the Sky” will travel to die Gug- 
genheim's SoHo branch inNew Yak tins fall and to 
tireS^Frantisco Museum cf Art next spring. 


• Carol Lutfy is a Tokyo-based freelance journalist 
who specializes in the arts. 


Paris Is the Place for African Sculpture 


huemamtal Herald Tribune 

P ARIS — For anyone who 
ever thought cf collecting 
primitive art, now is the 
lime and Paris the place. 
The African sculpture that influ- 
enced Picasso and Braque as they 
embarked on their first Cubist ex- 
periments, has gradually receded 
into the background. At auction, 
competition has softened, making a 
market where the top remains 
available and the lower echelon 
sometimes very good, almost irre- 
sistible to an adventurous mind. 

Middle-of-the-road auctions 
such as the sale conducted on Moc- 


SOUREN MELDOAN 


day by Jean-Louis Picard at 
Drouot deserve to be dosdy fol- 
lowed. They often include same of 
the art amassed in huge quantities 
by the French in colonial and post 
colonial times. In contrast to Brit- 
ons, many French residents, often 
Iron modest backgrounds, had 
their curiosity aroused by their Af- 
rican surroundings. It started as an 
amusement and developed into a 
passion. 

Andrfe B land in. who made a ca- 
reer as a middle-level executive in 
the Ivory Coast between 19SS and 
1981 and was reluctantly selling off 
some of his pieces on Monday, was 
one of them. He traveled to distant 
parts of the country, buying arti- 
facts in villages, and studying them 
as best he could. Most had been 
acquired by the mid 1960s. Blandin 
published some of than in 1976 in 
a slim brochure, “African Art, a 
Selection of Two Private Collec- 
tions.” 

Did he have a commercial pur- 
pose in mind? Almost certainly not. 
A dealer who paid visits to Blandin 
while the latter lived in Abidjan 
reminisces; “You would always see 
something that could be bough l 
O n the other hand, there was his 
collection and that was absolutely 
not for sale.” 


Through Bunuel’s Eyes 


By Michael Lawton 


B 


ONN -t-No one who has 
seen the opening of “Le 
Chkn andalou” win for- 


. get iu the m an caSn&y 

sharpening the razor, the woman 
sitting emotionless, tire moment 
when the razor appears to slide 
slowly through her eye. 

It was a shock in 1929 when the 
film was made by Lms Bufinel (who 


are placed in the SuneaBsitniiveoe. 
Works hy artists such as Picasso, 
Mir6, Max Host, FedericoGarria 
I/*ca,Mjgritiemd, above all, Dali, 
show how those images with which 
Buflnd was preoccupied were the 
images of an artistic movement, 
with .the 'angle eye taking center 
stage as 'a metaphoraf dream and 
subconscious. Columns of stills 


comfortable relationship with DaU 
b«ri inter) its final form: Buhud 
came to despise DalTs elevation to 
an art-fonn of vahiofree self-adver- 
tisement. As he wrote in his mem- 
oirs, he saw Sunealism as “a poetic, 
a rcvobxtiomny and a moral move- 
ment” 


played the man with the razor}- and 
Salvador 


• Dab, and it’s stiD a 

That scene was an announcement 
that the andteace had better not 


they looked at others, and the 
minute movie, that fallowed chal- 


from Ba&oeTs Stag arc displayed, 
"back-lit Eke ' church ?' windows, 
arormd the walls, while works of art 
idscted to than are shown in the 
middle. 

The exhibition., is Added into 
three thematic sections: the tape to 
see; hist, and the' urge to die — 


• Michael Lawton is a freekmae 
writer based in Germany. 


T HAT some pieces pub- 
lished in “African Art” 
found their way into 
Drxjuot’s sale does not 
disprove the point. In the world of 
collectors, the barriers between 
buying for art’s sake and occasion- 
al dealing can get hazy. This seems 
to be particularly true with African 
art where acquiring the objects is 
part of the learning process. Yon 
discover artifacts of a previously 
unrecorded type, as you buy them. 
This can give a pleasure as intense 
as possession. 

Blandin kept researching, an in- 
terest shared by his wife who 
taught in a secondary school. In 
1988, be published a study on West 
African braize making, “Bronzes 
et autres alliagps,” followed in 1992 
by another on ironsnriths, **Fer 
noir d’Afrique de 1’OuesL” 

The discovery instinct is strong 
among the French and may explain 
the extraordinary attendance at 
Primitive Art sales in Paris in con- 
trast to London or New York. On 
Monday, the room at Drouot was 
parked beyond capacity with deal- 
ers and collectors, including Blan- 
din. Even though marry bought 
nothing, they followed the proceed- 
ings with intense conccatration. 

They would not have missed the 
sale for anything in the world. Ev- 
ery one knew everybody else, ok! 
buddies seated next to each other, 
swan enemies giving each other 
Gallic looks. You did not need 
drips to be pari of the game bra 
there was something in it for any- 
one who cared to join. Sometimes 


YCU UJUl CAJAiVUtlAW MAI IUM. 

From the ants that crawl out cf 
the bole in the man's hand, to the 
two priests (one played by.DaH) and 
the two grand pianos. loaded with 
the corpses cf two slaughtered don- 
keys that the twm must haul across 
the room as he attempts to assault 
the woman, there is nothing in tins 
ffim whkh does not awaken puzrie- 
menL Bti&udhad put Iris subcon- 
scious on cefluloui 
But of ns las only me sub- 
conscious, and Bufiodl was no ex- 
ception. Again and again in the' 


, of the artists. There’s a 

strong sense of a HydycQmmnmc&- 
tion between artiste in itial Fans of 
the ’20s to whidi the Spaniards Bu&- 
nd, Dali. Mb6 and Picasso were 
attracted. But it’s also revealing to 
note the Snrealiste’ sources in the 
late 19th century:' the works of the 
FhsncbLpainter Odilon Redon or a. 
crucifix on which a naked woman is 
hanging or a peridantTratiiring that 


U 1111 S UlilllUUUWMI, L 

returned; itwasawoddtowfaidiL 
remained tnn even when be bad to 
make potboilers in his Mexican, exile 
in the 1940s and ’50s to make ends 



meet 


All of Bufitafs films are in repra- .. 
lory over the next two months al the 
Kunsthalle here Ibe fita» 
shown in new prints, made where 
nofisiUe from the original natives, 
with newly translated Geraoan refr 

titles, dMayed, using a new tech- 
nique, beneath the picture- U 
Quen andakw” is cOTtmuaudyon 
show, and Bufluefs first seurto nan, 
“L’Age (Tor" (1930) is <m oaJy- 
It was achaltege to put the retro- 
spective together, since tbeT^^to 
ihe 37 (Sms are strewn 
the world. Some were betevea »st 
and many were damaged; ;for aaar 
pie. there were no complete copes 

of a LeCluenanddoii,"smoeptqifle- 

ticnists had, over the years, rtpot-. 
- taken frames as so twaure. 


HE exlribitioa sinks you 
into a. world parallel to 
that' of Rafind. Sound 
from- the- films comes 
from loudspeakers, (here's a video 
installation flashing scenes from 
Buhners life on dozens of small 
.screens, tmd Several other mstaHa- 
tions,mosdyfeamrir® grand pianos 


edly 


Some of the Stas are 

effort bccaure of the 



on the rest, but, says . 
directa of the Baw KnMthalfe 
even in iIk worst (hem, that are 


something epical his ■ 

The retrospective is ^ 

“The ^ Of ihcCcrw, 
bition in w3ucb Baflud and his films 


onaabnal feathers 
,n 

aboo^here to 

theexpcxknce. 

Bm pahaps such a concentration 
cm Bufind’s roots in the apofi&d 
wodd cf the ’20s and *30s, ’Surreat- 
ism is a Utile ouosdcd; they were 
mote he never denied ^ ^and hs Ehn 
language was abnrys deefriy indebt-. 
«1 to ih&ik but there was more to 
Mm dan that. In tte?3Qs, he made 
fibre Jar the repoh&an causoin 
Spain; and after his period. in the 
Mexican wfldemess in the ’40s,and 
eady % be placed Us anematic 
lan g ua g e at ibe serace cf a luting 
.social satire. ' 

, These later masterpieces, “Viri- 
djana" (1961), -Bdlc do Jour” 
(\96$k “The Discreet duthn of ihe 
Bourgeoisie” (1972). and' others, 
were the first films he was able to 

inakemtiKxnbavii^towoayabciut 

mon ey aria he had bem a carefree 
bohemian in prewar ParikcTtey .are 
mfles away, socially and -politicly, 
from the'SoT-nidifbBno^'of “Le 
Chkn andatou.” By then; las' nr* 


AUCTION SALES 


auction sales 


IN FRANCE- 


PARIS 


DROUOT RICHEUEU 

9, Rue Drouot, 75009 Paris -TeL: (1) 48 00 20 20. 


■Monday, February 28, 1994 ■ 


Bloom X ar 2.15 p.m. - FURNTRtRE AND ODJHTS D'ART. Expen: 
M. Th. Portier. ADEB TAJAN, 12, rue Pavart, 75002 PARIS. 
Td.: Cl) 42.61M.07 - Rue fl) 4Z&1.39.77. In New York phase coaiaa 
Retry Maisonrouge & Go. Inc. 16 East 65th Street, fifth Boor, N.Y. 10021. 
PbooerC212) 73735-?7/75758.13 - Fax: (21Z) 86l.14.34. 


■ Wednesday, March 2, 1994- 


R6om 5 at Z.15 p-m. - FURNITURE AND OBJE7B- D’ART. Expert: 
M. Tb. Portier. ADES TAJAN, 12, rue Favart, 75002 PARIS. 
'TeL Cl) 42.61^0.07 - Fax: f.l> 42.61.39-57. In New York please contact 
Kelly Mateonrouge & Co. Inc. 16 East 65th Street, fifth floor, N.Y. 1002L 
PhOQfc COZ) 757-35.97/757 J8.I3 - Fsk C212>86].I4J4. 


Friday, March 4,1994 ■ 


Boom 16 ar 2 ax- EASTERN ART. Expert M. Hi Portier. ACffiR TAJAN, 
12, rue Favsn, 75002 PARIS. TeL: CU 42.61 R0.C7 - Fix: U) 42.61 .59.57. In 
New York- please contact Ketty Maisonrouge & Co. Inc. 16 East 65ui 
Street, fifth Ooor, N.Y. 10021. Phone: (212) 737.35 97/737.3813 - 
-Fix: (212)861.1434. - 






“African Art” This cost the East 
Coast collector 18,615 francs. It is 
not nearly as good as the previous 
piece. 

It took the next lot, however, to 
trigger a real bout of coQeciing hu- 
bris. This was a couple of free- 
standing figures, man and woman, 
from the Lobi people, a confedera- 
tion of related groups straddling 
the northern area of the Ivory Cast, 
Ghana and Burkina-Faso. The 
Lob is were revealed to the Weston 
world by ihe French ethnologist 
Andre Labouret in his bode “Les 
uibus du rameau LobL” published 
in 1931. He calls such objects an- 
cestor figures. Id 1981. Piet Meyer 
look another look at the “Art and 
Religion of the Lobi" in ibe cata- 
logue of the Rietberg Museum ex- 
hibition where the matching figures 
are illustrated. 


URTHER work may be 
finer 


From left, clockwise: Baoulemask; Lobi figures ; Golimask. Ivory Coast fly-swatter. 


no one did, where it seemed well 
worth a try. 

Early in the sale the tusk of an 
elephant carved into a sounding 
horn by an Artie artist dropped 
dead, unsold at 6,800 francs (about 
$1,160). Thinned down in order to 
acquire a perfect curvature, the 
tusk is terminated at the end with 
the brad of a calao bird handled in 
a geometric style that dwarfs much 
of modem sculpture into insignifi- 
cance by comparison. It had a fine 
honey patina indicating age. Yet, 
'not one bid came from the room for 
the piece, which carried a modest 
7,000 to 10.000 franc estimate. 

As Alain de Monbrison, a promi- 
nent Paris dealer, explains: “Col- 
lectors of African art are not very 
keen on ivory,” adding after a 
pause, “the bead is not sufficiently 
pretty/' It seemed marvelous 
enough tome. 

But parallels with modem art 
rarely make a difference. It hardly 
helped a Baoule mask from die 
Beomi district that was sold for a 
modest 17,520 francs. The disk 
with bead-like eyes in low relief has 
a rectangular mouth. A slit allows 
the tongue to appear — a rarity, the 
sale expert Guy Monlbaibon wrote 
in the catalogue. With its boms, it 


irresistibly calls to mind some 
bronze mask hy Max Ernst Curi- 
ously, while the impact of African 
art on Cubism is much talked 
about, the debt of Surrealism to its 
sculpture is virtually overlooked. 

Pierre Amroucbe. the highly cul- 
tivated dealer and connoisseur who 
also performs as an expert in Primi- 
tive Art at Drouot says that Aimfc 
Maeght had a mask of the same 
model, much finer as he recalls, 
that sold al Drouot in 1982 for 
32,000 francs. No wonder that the 
dealer of Picasso and other tower- 
ing figures of modem art in post- 
World War II France was fascinat- 
ed by the type. 

Perhaps the least expensive piece 
seen with the eyes of a 20th-century 
art collector was a Gob mask. The 
concave disk is carved with tiny 
round eyes in relief, wide apart on 
either side of two parallel grooved 
bars. These cut across the disk and 
project well beyond, almost erasing 
any suggestion of the human face. 
Add the powdery coloring in pale 
beige, pink, off-white, and the Goli 
marie stands halfway between ibe 
spoofier creations in Ernst’s oeuvre 
and the Cubist low-reliefs in terra- 
cotta made by Henri Laurens in the 
1920s. Al 12.045 francs, it was 


within the reach of many, but want- 
ed by few among the cognoscenti. 

This disregard was by no means 
due to any lack of enthusiasm on 
their part when the occasion war- 
ranted it. Two lots down after the 
failed ivory horn, a fiy-swaiter de- 
scribed as either from the Agni or 
the At tie people in Ivory Coast ex- 
cited every one. The handle carved 
out of dark wood with a deep, near- 
black patina is topped by a stylized 
human farad that conjures up im- 
ages of Modigliani's art. What the 
collectors and dealers loved about 
it, however, was the detail — the 
incisions and light relief motifs al 
the bad; of the head, the ritual 
marks, ihe patina. The American 
collector Bryan Leiden, who close- 
ly focuses on lvoiy Coast cultures, 
had made the trip, and wanted it 
badly. Monbrison. wanted it too. 
He got it for 19,162 francs, twice 
the high estimate, with Leiden as 
the underbidder. 

Leaden then relieved his frustra- 
tion by gelling the next piece; a 
small black patinated figure made 
by Ihe Abron subgroup of the Akan 
people in the Bondoukou area. 
Rare and old, the Abron sculpture 
is one of the pieces that Blandin 
illustrated in the 1976 pamphlet. 


F needed before the 

nuances of Lobi meta- 
physics — African cults 
are rarely considered by profes- 
sional philosophers — and rites can 
by Fully understood. But there can- 
not be much doubt about the vigor 
of the feeling underlying the an. 
The angular stylization made more 
striking by the pale toning of the 
wood, the expressiveness of the 
faces, is remarkable. Amrouche, 
who knows the area well, says the 
cult survives undisturbed, with the 
art still alive. But it is rare to find 
early figures that match. In the con- 
fusion of transportation to the 
West, they often get separated and 
wrongly reassembled. Whatever 
the reasons, this pair created a deep 
impression. Two French collectors 
fought furiously, one eventually 
carrying away the prize to the tune 
of 125,920 francs; nearly four limes 
the estimate. 


At the end of the sale; Blandin 
seemed satisfied. He, or Picard on 
his behalf with the help of Mont- 
barbon, had gotten his fellow col- 
lectors where be wanted them, and 
beyond in a few cases. In the big art 
game, this is always a nice feeung. 
particularly in a difficult market. 

Blandin was relieved to get back 
a rare piece on which he was keen, a 
seated figure acquired in a Sikas 
village near the Ivory Coast border 
with MalL Other unsold pieces 
might find a niche someday. Time 
in Africa is immaterial And to a 
collector who spends his retirement 
between the South of France and a 
bouse near Blois, gazing al the ob- 
jects he loves, it is delectable. 


for Stdefrom private ownership 

Rembrandt 


bqunesindcf Bra 350ft flU 
FoedodtstE 15, 60323 ftankfurt, Germany, j 


ART EXHIBITIONS 


MAASTRICHT 











V j? 


the 

r EUROPEAN 
FINE ART FAIR 




MAASTRICHT 

THE NETHERLANDS 


12-20 MARCH 1994 

Monday - Friday i MX.) - 20.00 
Saturday &. Sunday 1 1 .0(1 - 18.00 

Info Tel: (31-7S) 145165 


WALLY FINDLAY GALLERIES INTERNATIONAL 
2, Av. Matlgnon - 48, Av. Gabriel 75008 PARIS 
T4L 42J25.70.74 - Fax; 42 55 40 45 


Jan. 27 - Feb. 26 

Ardissone - Audibert - Bittar - Bourrid - Chauray 
Dubord - Gantner - Gaveau - Hambourg 
Kluge - Sebire - Tchoubanov - Vignoles . 


SANTA FB 


NAGEN • DEWET 


SANTA FE 


Quality O ld 
HSTSJO &MEHCM TEXTILES 
S0S-S98-5058 
ErtJ975 



ANTIQUES 


b WE BUY AtfD SELL = 

IMWiESt ANTIQUES OF THE KOO B 
MBfl ERAS. JAPANESE WEAPONRY, 
SWCHU2S 5 FITTINGS. 

FLJftNG CRANES ANTIQUES, LTD. 

Fine Saisuna, Iraart. lapanesc bronzes 
& note meufowk. dasonw C after, 
i Japanese wod, blades, s-ora Mines, 
[amm bdrodi bows. news, ijuiicis&moie 

FUftNC CBANES ANTIQUES, LTD. 
10W Second Aem. N-l, N.Y. 10022 
TeL (2I2| 223-MOO 
=■==* Fu: (212)223-4601 3BE 


Spink 
deal in 


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Oriental, Asian and Islamic Art 
Jewellery ■ Textiles • Medals 
Com?. ■ Bullion ■ Banknotes 


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ST JAMES’S, LONDON, 
iNCLAjNDSWjY bQ& TEL: 071-930 7180 
FAX: 0714D9 TELEX: 9U.7H 


International 

Herald Tribune 



MARLBOROUGH 



Ah. buu'sboBImrbnirlns/Hgj'nu tAiitigpnei. 1993 cm conm*. lUxlSOrm 

DIETER HACKER 

Until 31 March 1 1 >M 

Catalvgne miiOaUe 


MARLBOROUGH FINE ART (LONDON) LTD. 
6 Albemarle street • London • WlX 4 BY 
Td.: 4+7|4i29 5161 - Rix. 46-71-629 ttfjW 













•--.V 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, FEBRUARY 19 - 20, 1994 


NYSE 

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i-^^asss^ • / 


International Herald Tribune, Sawrday-Sunday, February 19 - 20. 1994 


Page 9 



THE T RIB INDEX: 1 15.93® 

ss^sssgm 

by Btoomberg Business News. Jan. 1,1 992. ='100 
120 — ' 



Approx. w$«ng:32% 
Close; 129.62 Prm: 12950 


Approx walBWnp 37% 
Ooea 11&48 Pro: 11642 



P2 


" S O . . N. . D 
1993 

J. F _ 

1994 

- S ..O.. N D J F 

1993 . 1994 

| North America 


Latin America | 

Approx weighing: 26% 


Appro! welghtaE 5* EBB 

dene: 9&88 Pteu- 97.48 

in 

C3o9R 14A.04 Prev_ 15423 Hffl. 



SON 

ran 

WaM Index 


J F S O N 
im 1983 


77w fodtar tracks U& dWtar nfaes of stocks in. Tokyo,. Now York, London, end 
Aiyonttno, Auo te ako. AosHo, Mgkm, Brazil, Canada, CM*, Denton*. FtnWid, 
Franca, Gormany, Kong Kong, Raff. urodco, NoAerfiwds, Haw amend, Norway, 
Singapore, Spain, Sweden, Switzer land and Vaneauoto. For Tokyo, New Ya* end 
London, fie fatter te composed of. gw 33 top Issues ki mobs of marftaf capSoUmdon, 
otherwise the ten tap stocks «b MA nt ■■• 


Industrial Sectors 


Pm. %'" 
dow ctangt 


11458 116.G9 -1JB1 CapSarGoah ; 11439 11537 H9.7S 

WWW 12753 12932 -1J6 RwlWMi - 12D34 12124 -025 

Bmpcb 121& 121.45 -02D CooMrarfloodt w.47 101.05 -0-57 

Sonricw 12191 12541 -12D BtoBwabw '133.13 13835 -OAT 

For mm MaaimSon aboaNtw Index, a booklet to avaBabfa fmeofchaiga. 

Wrfig to Tito frK^ TSI Avmn»Cftaita$ & Gat^£2521 NeuBfy Cedsx, Ranee, . 

© Intemmfoonl Herald Tribune 


TH Prrt •, * 

. dona data dwnye 

11439 11537 -0.7S 
12DJ4 12134 -025 
100.47 101.05 -057 
133.13 13335 -031 


New York Finds Vibrant New Role 

Exports of Services Take Center Stage as Factories Fade 


By Tom Redburn 

Ntw York Times Service 

NEW YORK — The long^evolving shape 
of New York’s economy is now clearly 
etched. 

Mass production, whether in automobiles, 
chemicals or beer, has mostly disappeared 
from New York Gw and its environs. Only I 
in 16 of the 73 minion people employed in 
the region stiD labors on a factory floor. At 
the same time, readmits of the stales of New 
York, New Jersey and Connecticut earn near- 
ly 25 percent above the national average. 

The weight of the region has diminished to 
where it accounts for less than 8 percent of 
US. output But as its position in the U.S. 
economy declines, metropolitan New York is 
becoming the global economy’s leading mar- 
ketplace. 

Overseas business, while hard to track, 
contributes much more to the region’s eco- 
nomic fife than it did a decade ago. That is 
because America’s exports of services — New 
York’s slock in trade — have soared more 
than ISO percent since 1985 to almost $200 
billion. 

New York’s regional economy was once 
the most broad-based and diverse in the 
United States, generating almost one of every 
five dollars produced in the early post-Worid 
War II boom. 

Now the New York region is becoming 
something new under the sun. Most econom- 
ic centers ship goods elsewhere and consume 
their services locally. By contrast, the manu- 
facturing that remains m the New York re- 
gion is heavily devoted to the local market 
while its cutting-edge services — finance, law. 


communications, popular culture and medi- 
cine — are increasingly in demand through- 
out the global economy. 

“We're a major player in the global econo- 
my because of our services, not because of 
our manufacturing,” said Richard W. Roper, 
director of economic and policy analysis at 
the Port Authority of New York and New 
Jersey. 

“This region is a magnet for foreign firms 
that want to get a foothold in the North 
American market,” he said. “And almost any 
U.S. company that wants 10 compete actively 
in the international arena needs to have some 
kind of a presence here.” 

For the New York economy, the rapid 
change in telecommunications and manage- 
ment is both a curse and a blessing. On the 
one hand, such innovations undercut New 
York as a cental big business by making it 
easier for companies to run tfidr affairs from 
Atlanta or Houston or Columbus. 

But they also benefit the region: As the 
global economy becomes smaller, clusters of 
brain workers like Wall Street's investment 
bankers or Madison Avenue’s world-class 
marketeers gain a far larger market in which 
to sell their wares. 

“What is holding New York together, par- 
adoxically, is what is allowing the wodd 
economy to spread further afield,” said Sas- 
kia Sassen, a Columbia University professor 
who wrote “The Global Gty: New York, 
London, Tokyo.” 

Five or six years ago, Tokyo seemed on a 
trajectory to surpass New York as the world’s 
premier financial center. The air has since 


gone out of that balloon, however. And the 
share of global capital that flows through 
New York is once again on the rise. 

To be sure, neither New York nor ihe 
United States will ever be the powers they 
were when big companies like RCA, Exxon 
and IBM ruled the U.S. economy from Man- 
hattan headquarters. 

The good news for the region’s economy, 
though, is that thousands of newer, more 
dynamic companies are producing custom- 
tailored goods and services, from an Aragon 
stereo amplifier for audiophiles to boutique 
breweries like New Amsterdam Beer. 

Consider Magda Sole, a young woman 
whose 4-year-old company provides cross- 
cultural marketing for major U-S. corpora- 
tions doing business abroad. The birth of the 
new economy from the ashes of the old came 
home to her in one crystalline moment last 
fall. 

Ms. Sde was moving her firm, Trans-Im- 
age International Communications, into a 
turn -of - the-oen t ury industrial building in 
lower Manhattan. 

As she arrived to inspect the newly remod- 
eled ninth- floor offices — now bristling with 
computers, fax machines and video editing 
equipment — movers were wrestling the last 
of several heavy, ink-stained priming presses 
on cables down the elevator shaft of the 14- 
story budding and off to oblivion. 

“The end of an era passed right before my 
eyes," she recalled. “Yet it was also the start 
of a new one." 

The stability that temples of business like 

See NEW YORK, Page 11 


The Rout Deepens in U.S. Bond Market 


Compiled by Our Staff From Dnpmcha 

NEW YORK — The yield on the 
benchmark UJL 30-year Treasury 
bond surged Friday to ihe highest 
levd since late last July amid con- 
cern that faster economic growth 
win generate more inflation, the 
bond market’s enemy. 

The long bond yield jumped to 
6.62 parent from 6J4 percent 
Thursday, vyh3e the price plunged 
1 3/32 point, to 95 6/32. Weakness 
in the bond market dragged down 
Wall Street, with the Dow Jones 
industrial average dosing down 
35.18 pamts at 3.897.46. 

Losers led gainers by a 2-to-l 
ratio on the New York Stock Ex- 


change on moderate volume of 292 
million shar es. 

Higher interest rates weigh on 
the stock market because they 
make it more expensive for compa- 
nies to do business, and they make 
stocks relatively less attractive as 
an investment than fixed-income 
instruments. 

“People are ihmking with the 
economy doing so wdl in the' 
fourth quarter, the odds are that 
inflation will be higher.** said Ed- 
ward Yarden i, chief economist at 
CJ. Lawrence Deutsche Bank Se- 
curities Inc. 

Faster economic growth is asso- 
ciated with a rising inflation rate, 
which erodes the value of fixed- 


income securities and could cause 
the Federal Reserve Board 10 raise 
interest rates 10 try to keep infla- 
tion in check. 

The Fed nudged up short-term 
rates two weeks ago for the first 
time in five years. Speculation 
about when the next such move 
might come has buffeted the finan- 
cial markets since. 

“We may get some attempts at a 
rally, but when the Fed begins the 
process of raising interest rates, 
that’s about it,” said Stanley 
Rourke, a vice pres dent at Nation- 
al Gty Trust-Ken tacky. 

“My guess is that it’s at least the 
begmmng of the end,” of the bond 
rally that begum in September 


1 990, Mr. Rourke said. “I wouldn’t 
bn on rates going below 6 percent 
by the end of the year. Within the 
next year and a half, 7 percent 
wouldn't be unreasonable at alL” 
The record low long bond yield 
was 5.77 percent, set on Ocl 15. 

“Rates arc too low given the in- 
flation outlook,” said Roger Mar- 
shall, president of Riggs Invest- 
ment Management CoTp_ which 
manag es $2 billion in fixed-income 
assets. Tm not going to buy a 5.75 
percent bond with 3 percent infla- 
tion — it’s not going to happen.” 
Some panic bond selling Friday 
was spurred by talk that Goldman, 

See BONDS, Page 10 


A Hosokawa Fan, 
Mondale Now 
Seems to Waver 


By Paul Blustein 

Washington Past Service 

TOKYO — Until recently, Wal- 
ter F. Mondale, the U.S. ambassa- 
dor to Japan, could be counted as 
one of the most enthusiastic boost- 
era of Prime Minister Morihiro Ho- 
sokawa and a strong proponent of 
the view that Mr. Hosokawa's re- 
form movement represented a 
bright hope for opening up Japan’s 
heavily regulated economy. 

But Friday, Mr. Mondale sound- 
ed like a disillusioned man as he 
criticized Mr. Hosokawa’s govern- 
ment for failing 10 deliver on a host 
of economic and trade issues. 

“In the political reform area, in 
our opinion be gets very high grades, 
but in the economic reform area we 
have not seen much by way of dereg- 
ulation and market opening by this 
govermnem." Mr. Mondale said 
shortly after returning from Wash- 
ington, where he attended the failed 
summit meeting between Mr. Ho- 
sokawa and President Bill Clinton. 

Mr. Mondale’s comments under- 
scored the deterioration in eco- 
nomic relations between Washing- 
ton and Tokyo after negotiations 
broke down on the “framework” 
agreement governing trade and 
other bilateral economic issues. 

The criticism by the former U.S. 
vice president was aimed not only 
at Mr. Hosokawa's refusal to com- 
promise with U.S. demands for nu- 
merical targets for Japanese pur- 
chases of foreign goods. The 
ambassador concentrated most of 
his fire on Mr. Hosokawa's lack of 
forcefulness in pursuing the elimi- 
nation of burdensome regulations. 

Shortly after Mr. Hosokawa took 
power, Mr. Mondale said, “they an- 
nounced 94 deregulation measures, 
that they themselves said were mod- 
est. They’ve done none of them." 

But more important, Mr. Mon- 
dale said, “When we urged this 
government to stimulate the econo- 
my, to do something to bring down 
the imbalance, essentially the Min- 
istry of Finance — with the support 
of the prime minister’s office — 
opposed iL” 

In the week since the summit 


meeting, Mr. Hosokawa has 
launched an initiative to patch 
things up with Washington, order- 
ing government ministries to pro- 
duce an emergency package of pro- 
posals for deregulation, import 
promotion, and stricter antitrust 
enforcement. 

Tbe idea is to show that Japan 
wants 10 moke its markets more 
accessible to foreign firms without 
resorting 10 the numerical targets 

sought by the U.S. government. 

But Mr. Mondale voiced skepti- 
cism about such promises, stating 
that while the impact of the govern- 
ment's moves “could be very signif- 
icant. we have not seen anything 
yet along that line.” 


Mud Starts to Fly 
In Dispute Over 
Cellular Phones 

Compiled by Our Staff From Dispatches 

TOKYO — A dispute over limit- 
ed U.S. access to Japan's ceil alar 
telephone markeL deteriorated into 
mudslinging Friday, as a Japanese 
official accused Motorola Inc. of 
making misleading statements. 

Yo&nio Uisunri, a Posts and Tele- 
communications Ministry official, 
said Motorola was “testing the 
nerves more than necessary” in an 
attempt to increase its market share. 

“What they are doing is nothing 
but an extremely one-sided, inten- 
tionally misleading advertisement.” 
Mr. Utsiani said. “We wish they 
would stop doing such a thing.” 

Mr. Uisumi was referring to Mo- 
torola's assertion that Japanese 
government decisions have blocked 
its access to Japan’s markeL 

Motorola has a 40 percent mar- 
ket share of the global cellular 
phone market. 

On Tuesday. U.S. Trade Repre- 
sentative Mickey Kan tor accused 
Japan of breaking a 1989 agree- 
ment that promised Motorola mar- 
ket access in Japan “comparable” 
to the U.S. market share enjoyed by 
Japanese makers. 


ECONOMIC SCENE 


As Church Sowed, So It Reaps 


For the Japanese , Kantor Is Dr. No of Trade Talks 


By Barry James 

Imenuoiorvd Herald Tribune ■' 

A MD some fdl on and to 

the Church of England FLC I* ruing its 
tenible investment strategy. The church 
heeded a prophetess named Margaret 
Thatcher and placed its talents in shopping malls 
and large office buildings. And it was not good. 

In the company handbook, the rules are clean 
“Then he that had. received tire -five talents went 
and traded .with the same, and made them' other 
five talents.” 

But the Bible tefleth not ofnegativc e quity . 

It Mme to pass that market forccs diminirfied 
the value of the real estate tbe chnrch bought at the 
end of the 1980s. Yea, even, the amount of its 
borrowings mightily exceedeth the value of its 
hold^gs. 

Also, the church invested other talents into 
bonds when interest rates were faffing, and when 
everyone else was cleaning up on stocks. 

Verily, the £3 billion ($4.4 Mffion) nest egg that 
Heniy Vin began ama s sin g by na n atra fo mg the 

inonasterira in the 16ih century bnow only a £23 

billion nest egg. ■ 

Thjc has left the venerable institution as poor as 
the mythical churdi mouse. And it finds itsdf 
obliged to consider the word according to-the 
Harvard Business School Downszmgl - ' 

The church confessed tins week that as a remit 

ofilsmvestmaitgaffesitwfflharetohalveihe£63 

m3B op it pays each year toward tbe salaries (an 
average £12,800) of its clerics. - •' 

Thecburch payroll last year totaled £154.7 ^mfl- 
Uro, of which the church provided 41 percent bom 
central funds. The rest came from parish colko- 

Dans and other sources. 


. - Now, congregations will either have to pat more 
anthecoBection plate each Sunday, or face merger 
rod consolidation with neighboring parishes. 

Frank Field, a Labor member of Parliament 
who specializes in church legislation, says this will 
to the effacing of p arish bou nda rie s that have 
cristed since the Middle Ages. 

“Gambling whh borrowed money and getting it 
wrong,” he said, has accomplished the destruction 
bribe ancient institution more effectively even 
than its old enemy, Oliver CromwdL 
- - while the, chinch may have to reduce its paid 
staff, ii can can on a large supply of unpaid 
consultants known as lay preachers and unstipen- 
diaried clergy. And. in admitting women to tire 


time labor, just like industry in gaunt 

On the other trend, by admitting women, it has 
rated out the possibility af a meager with a large 
conglomerate m Rome, which maintains a mate- 
only luring policy. 

. To make matters worse, the Church of England 
. m ade ? as open-sided commitment to compensate 
staff members who decide to resign rather than 
laborin ihe vineyard alongside women. 

It came to pass also that the church’s president 
and chief operating officer; Archbishop George 


has become umnaiketable because young people 
find it “boring.”* ' . . “ '' 

In iris new book, “Spiritual Journey,” be said 
customers jk> longer appreciate the fifeless ser- 


mons , die long lessons and the dreary hymns. 

; . He said the church would do wefi to adopt a 
method .that, seems io.wodk.we31 with a monastic 
community at Tai&fr in France, which he visited 
recently. It's called siteace - 


By Peter Behr 

Washington Pom Sorter 

WASHINGTON — Ask a Japa- 
nese diplomat why the summit con- 
ference between President Bill 
Clinton and Prime Minister Mori- 
hiro Hosokawa failed last week and 
the answer usually comes back 
quickly: Mickey Kantor. 

In the common Japanese ver- 
sion, it was a pugnacious U.S. trade 
negotiator who played the decisive 
role during tbe final futile attempt 
last week to strike a deal on shrink- 
ing Japan’s huge global trade sur- 
plus. “Ambassador Kantor inter- 
vened,” said the chief Japanese 
negotiator, Koichiro Maisuura, de- 
scribing a moment shortly before 4 
A.M. Friday when the last hope of 
c o mpro mi se evaporated. 

In an interview Thursday with 
Washington Pest editors and re- 
porters, Mr. Kantor said the ball is 
m Japan's court “We made it quite 
dear what we are talking about,” 
be said. “We are going to have a 
results-orieated agreement" or no 
agreement 

Mr. Kantofs colleagues on the 
U.S. negotiating »mm say il is un- 
fair to portray tom as tbe Dr. No of 
the trade talks. It is just another of 
the basic misunderstandings that 
have pushed the state of economic 
relations between tbe two countries 
to a new low, these officials said. 
Japan's problems begin not with 
Mr. Kantor. but with his boss. 
President Clinton, they add. 

But the breakdown of tbe UJS.- 
Japanese trade negotiations has 
spotlighted Mr. Kan tor's combat- 
ive side. It is one that served him 


CURRENCY & INTEREST RATES 


Cross Rates .. Feb. is 

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t****krana 4JV& "£***L. fc-dtrOoT X 7 S Mkh . 

s*™ »»« 


Eurocurrency PtpwHs 

Swiss 


French 


Feb. 18 

Dollar 

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Franc 

Start Ena 

Franc 

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1 moatti 3fe4te 



SKrSte 

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7te-2te 

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GraemwilMonroau. Crtdtt Lroanota. 


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Source: Reufen 


wdl in last year’s battles over 
NAFTA and GATT — the North 
American Free Trade Agreement 
and the General Agreement on 
Tariffs and Trade — but has nor 
succeeded so far with Japan. 

This week Mr. Kantor took the 
first step toward imposing trade 
sanctions on several hundred mil- 
lion dollars’ worth of Japanese 
products after finding that Japan 
had violated a 1989 agreement to 
expand opportunities for Motorola 
Inc's ceDular telephone sales. 

Other actions are under consid- 
eration to respond to the break- 
down of the broader trade talks last 
Friday, although Mr. Kantor 
would’ not discuss the options dur- 
ing his lunch meeting. 

“It is viewed by some as a crisis/ 4 
said Mr. Kantor. “I believe you can 
look at this in a positive way." By 
bring honest about their differ- 
ences over trade, Mr. Gtinton and 
Mr. Hosokawa have moved their 
countries' dialogue onto a more 
honest and straightforward plane 
that can lead ultimately to a real 
resolution, Mr. Kantor said. 

Mr. Kan tor’s successes in the 
past year have resulted not only 
from his tenacity but also his stall 
in deahxrekmg. 

A novice on trade matters when 
he was appointed last year, he won 
the confidence of other negotiators, 
who came to trust Ins ability to 
keep his word and detiw tbe 
goods. 

At year’s end, Mr. Kantor was 
widely hailed for his key roles in 
hammering out strategic political 


Blinder on list 
For No. 2 Spot 
On Fed Board 

Bloomberg Business New 

WASHINGTON — Alan 
Blinder, a member of the pres- 
ident's Council of Economic 
Advisers, said Friday that he 
was a candidate to become 
vice chairman of the Federal 
Reserve Board. 

He said his name was “on 

the fist.” 

If appointed and coafinntri, 
Mr. Bfinder wcxdd succeed Da- 
vid Mullins, who resigned the 
No. 2 Fed job. As vice chair- 
man, Mr. Bhnder would be in a 
position to succeed Alan Green- 
span if Mr. Greenspan is not 
reappointed when his term as 
Hwrrmart ends in March 1996. 

Mr. Blinder would be Presi- 
dent Bill Clinton’s first ap- 
pointment to the Fed. He is 
widely regarded as a liberal 
who at tbe Fed would be a 
softer foe of inflation than Mr. 
Greenspan or Mr. Mullins. 


compromises that saved the 
NAFTA and GATT accords. 

But the Japanese say they have 
yet to see that side of him. 

The impact of Mr. Kantor’s hard 
line on Japan is most evident in his 
handling ova the past year of a 
U.S-- Japanese agreement on senn- 


it is viewed by 
some as a crisis. I 
believe you can 
look at this in a 
positive way.’ 

Mickey Kantor 


conductors negotiated and re- 
newed during the two previous Re- 
publican administrations. 

The agreement speaks of Japan’s 
“expectation" that foreign chip 
man ufacturers would gain 20 per- 
cent of rts market by 1993. 

To Mr. Kantor, it represented 
something more than a promise to 


try. If the 20 percent figure is not 
met, it would be “a commitment 
not kept,” he told reporters last 
March. “It makes me more corn- 
mined than ever to make sure this 
agreement is adhered to,” Mr. Kan- 
tor said then. 

To Japanese listeners, that 
sounded uke a threat and hardened 
their resolve not to sign another 
agreement with the administration 
that contained other numbers that 
might be similarly used to justify 
UJS. retaliation. 

Mr. Kantor said Thursday that 
be recomiized that this fear is part 
of the deep misgivings between the 
two countries that make an agree- 
ment now so hard to reach. 

The administration is fed up 
with agreements that do not yield 
results, he said. 

Mr. Clinton and Mr. Kantor 
have both assured Japan that the 
administration is not seeking an- 
other semiconductor agreement, 
with a single numerical target that 
Japan must hit. Rather, it wants a 
broad range of benchmarks that, 
taken together, would show wbeth- 


NOTICE 


er Japan is, indeed, opening its 
markets to foreign goods, Mr. Kan- 
tor said. 

Mr. Kantor repeated these assur- 
ances Monday to a group of senior 
UJS. and Japanese business execu- 
tives. 

But he did not pass up the oppor- 
tunity to tell the Japanese corpo- 
rate chiefs that there was nothing 
wrong with the semiconductor 
agreement, which did push Japa- 
nese semicoiKhtotor purchases up 
to tbe 20 percent threshold. It 
worked, he said. 

One of executives present, Yo- 
taro Kobayashi, chairman of Fuji 
Xerox, declared himself “more 
confused than ever.” 

The question both sides are ask- 
ing is bow to build a new bridge 
over the mistrust that separates 
them. For now, at least, Mr. Kan- 
tor said Thursday, it is up to Mir. 
Hosokawa to make the move that 
ends the impasse. 

“It's going to lake some creative 
thinking on the pan of the Japa- 
nese" to pul tbe talks back togeth- 
er, he said. 


INTERNATIONAL PREQUALIFICATION 
FOR THE CONCESSION 
OF THE HADETH - SYRIAN BORDER HIGHWAY 


Within the framework of an international consultation, 
the Executive Council for Major Projects in Lebanon 
(C.E.G.P.) invites applicants for prequalification in the 
aim of primarily selecting capable companies or 
groupings eligible to bid for the tender at a second stage. 

Applicants should have the capabilities to finance, 
construct, operate and maintain the above mentioned 
highway in exchange of toll fees collected from the users. 

The prequalification documents shall be made available 
as of Monday the 14th February 1994 at the Council's 
Head Office located in Bir Hassan, Beirut. Applicants can 
collect them from the General Directorate of 
Administration against payment of 1,000,000 LBP (One 
Million Lebanese Pounds) by certified cheque in the name 
of Conseil Executif des Grands Projects, drawn on 
Banque du Liban. 

The applications for prequalification must be submitted 
to C.E.G.P. in one complete original and one copy not 
later than 12:00 p.m. on Thursday the 21st of April 1994. 


4 ? 






Page 10 


INTERNATIONA L HERALD TRIBUNE, 5ATURDAY-SIWDAY, FEBRUARY 19-20 , 1994 



MARKET DIARY 


Wall Street Slump 
Depresses Dollar 


Blomberg Businas Meifl 

NEW YORK — The dollar fdl 
against the Deutsche mark and 
most other major currencies on Fri- 
day as investors bailed out of US. 
stodss and bonds. 

It rose against the yen, in the 
meantime, amid speculation that 
the U.S. and Japan could resume 
trade negotiations. 

“There’s a lack of confidence in 
U.S. assets right now, including the 


Foreign Exchange 


dollar,’' said Karl Halligan, a pro- 
prietary trader at FNG Capital 
Markets. 

The dollar dosed at 2.7140 DM, 
down from 1.7222 DM on Thurs- 
day. It rose to 104.625 yen from 
104.20 yen. 

Prospects for higher rates often 
buoy the dollar because a rate in- 


crease would make U.S. deposits 
rfeUFri- 


raore attractive. The dollar fe 
day because investors were more 
concerned about the flow of money 
out of doUar-denonnnated assets, 
traders said. 

Moreover, many dollar bulls lose 
faith in the currency after it failed 
to rally on Thursday, when the 
Bundesbank cut its discount rate. 


“Nothing can gel the dollar mov- 
ing higher, said Kevin Lawrie, a 


foreign exchange manager at Mel- 
lon Bank in Pittsburgh. “People are 
getting disappointed.'’ 


The dollar has fallen almost 3 
percent against the mark in the last 
two weeks, even though the Fed 
raised rates for the first time in five 
years and the Bundesbank cm 
rates. 

Large losses agains t the yen also 
hurt the dollar during the week, 
traders said. The dollar started 
tumbling the previous Friday when 
trade talks between the United 
States and Japan collapsed. 

Traders sold dollars, betting that 
the Uni led States, frustrated at the 
bargaining table, would resume 
calls for a strong yen. Last year, the 
administration said repeatedly that 
a strong yen could curb Japan's 
trade surplus by making its exports 
more expensive. 

The dollar eked out a small gain 
against the yen Friday after Prune 
Minister Morihiro Hosokawa said 
his administration woukf do its ut- 
most to resolve the U.S.-Japanese 
trade dispute. The CKnton admin- 
istration is considered less likely to 
call for a strong yen if trade talks 
resume. 

Traders were especially wary this 
weekend because most of them will 
be away from the market on Mon- 
day for Presidents' Day, he said. 

The pound closed at S1.4820, up 
slightly from $1.4800 on Thursday. 
The dollar fell to 5.8250 French 
francs from 5.8545 francs and 
slumped to 1.4449 Swiss francs 
from 1.4565. 


BONDS: Market's Rout Deepens 


ContiraKd from Page 9 
Sachs & Co., one of the five largest 
U.S. bond trading firms, was fore- 
casting that Fed officials would 
raise rates any day now. 

But a Goldman, Sachs economist 
said his firm did not expect any 
Fed action on til after the next 
meeting of the Federal Open Mar- 
ket Committee, set for March 22. 

In pulling prices down two 
points in two days, bond investors 


N.Y. Stocks 


didn't cozy to the government's re- 
port Thursday that consumer 
prices were unchanged last month 
and up just 23 percent in the 12 
months ended in January. Last 
year, consumer prices rose 2.7 per- 
cent, the smallest annual increase 
since 1986, when prices rose 12 
percent 

Investors shrugged off the report 
partly because the Labor Depart- 
ment changed the way it calculates 
the figure and partly because it is a 
lagging indicator — it reveals what 
prices were, not what they win be. 

Inflation fears were fanned 
Thursday by a survey of manufac- 
turers from the Federal Reserve 
Bank of Philadelphia, which said 
prices for raw materials rose more 
than 30 percent. 

The bond market also was jittery 


because the Federal Reserve Board 
chairman, Alan Greenspan, is to 
begin testimony to Congress on 
Tuesday, the first day after a long 
holiday weekend. U JS. markets will 
be closed Monday for Presidents 
Day. 

In addition to the drag from the 
Treasury bond market, the stock 
market struggled with added vola- 
tility because of the expiration of 
equity derivatives. A round of pro- 
gram selling also intensified losses. 

Stocks of companies sensitive to 
economic changes were among the 
biggest losers. These cyclical issues 
recently have been bid up amid 
signs of gathering economic mo- 
mentum. 

Paramount Communications 


continued to slide, losing Ilk to 
rom Vi 


74% in the fallout from Viacom's 
takeover earlier this week. Viacom 
Inc. fed IW, to 25M, but Blockbust- 
er Entertainment, indirectly linked 
to the Paramount deal through Via- 
com, rose % to 24%. 

Boeing lost Vi to 47% in active 
trading, setting back after rallying 
this week on news Saudi Arabia 
would buy commercial aircraft 
from it and McDonnell Douglas. 
McDonnell Douglas continued to 
gain, adding % to 120%. 

Ventritex tumbled 10% to 26% in 
heavy over-the-counter trading 
( Bloomberg, Knighi-Ridder, AP) 


vn AMxkmrfftvfi 


The Dow 


>• v. :. 

: U* •*" "V- V. '< 





• rr.^m 


1HT 


NYSE Most Actives 



VOL Hgh 

Low 

LOU 

CUB. 


*9331 73* 

71% 

71% 

— 2fa 

ParCom 

34758 76% 

55% 

76% 



31294 26% 

27V, 

zn\ 



28001 33% 

33% 

32 % 

— % 


26861 19% 

18% 

19% 

— % 

Chryslr 

25140 38ft 

57% 

38 

-ft 

G7U 

26927 32% 

31 Vj 

31% 


BtocKE 

E ilUl 

23% 

2«ft 

+% 

ABarck 


24% 

25 


IBM 

24263 52% 

52% 

52ft 

— % 


23399 47% 

66% 

0% 

— % 

USSurg 

23131 19’^ 

18% 

19 

+ % 

GnMOtr 

23111 60 

59% 

39% 


GeiPrvn 

22035 IS% 

IS 

15 


RVNob 

21509 7ft 

r* 

7% 



NASDAQ Most Actives 



vat HOT 

Law 

Last 

as. 

NOVCB5 

72643 24% 

22ft 

23% 

+ 1% 

Ventrtt* 

67950 37% 

25% 

26% 

—10% 

MedVsn 

43621 37% 

36 

35% 

—7ft 

MWl 

-OJ7C 67’A 

43% 

44ft 

+ U 

MCI S 

32769 77 

24 Vi 

24ft 

— % 

Goranl 

NwtAfcs 


Va 

56% 

v» 

58% 

— J Vb 

—ft 

SuecTch 

25948 3 

2ft 

3ft 

—ft 

Lotus 

25524 49ft 

45% 

0 

+2% 

TelCmA 

25050 25% 

34% 

25% 

—ft 

TroeSwe 

24917 23 

21 

22ft 

_ 

Mlcsfts 

24810 B0*. 

7B% 

80 

+ lft 

Or odes 

22618 34% 

32% 

34% 

+ % 

DSC 

20855 55% 

53% 

54ft 

— % 

AtoErd 

19769 7% 

6% 

7 

♦ ft. 


NYSE Diary 


Advanced 
Declined 
Unchanged 
Total issues 
NewHUs 
Now Laws 


70S 883 

1419 1251 

AM 63f 
ZJS2 vn 
45 113 

M 51 


AMEX Diary 


Ctosa Pnrv. 


Advanced 

Decflned 


Total issues 
NmHMu 
N ew Laws 


33V 310 

370 314 

231 228 

830 053 

13 M 

14 7 


NASDAQ Diary 


dose Prev. 


Advanced 
Oecfined 
Unchanged 
Tattri issues 
New Highs 
New Laws 


1431 149 

1498 1695 

1*76 1638 

4795 4772 

103 127 

n n 


Dow Jones Averages 


Low LOT CM. 


Indus 

Trans 

m 

Comp 


371843 39Z3L20 3880.14 388744—35-1* 

mrm iaru» im-is 179542 -10? 

21804 21130 30054 20844 — 156 
UOJS\ 140951 1S94JO 139808—1075 


Standard A Poor’s indekes 


Industrials 

Trarap. 

utilities 


High Low CUM CK*0* 
55204 SUM 54047— US 
435JJ7 43006 43118 — 1JM 


10L71 1S9J4 1595*— «£ 


SPOT 
SP 1« 


^.asssd 


43863 


NYSE Indexes 



HOT 

Low 

Last 

an. 

Composite 

tocMtrtOK 

TVanse. 

utmtv 

Finano* 

2A1J6 

usTm 

Z74l3B 
21805 
21 638 

2S9J2 

370.10 

27173 

21SA5 

2X403 

2S907 

32085 

275.15 

21198 

31*33 

—101 

—131 

-107 

—104 

—IV 

NASDAQ Indexes 


HU 

Law 

Last 

Oat 

CompasBe 

Industrials 

Banks 

IrcMjrancn 

Bnaneo 

Transit. 

Tetocorn 

79109 

02-12 

498.12 

94X74 

8V1J4 

001.77 

17604 

78121 

83404 

*9100 

934.15 

88437 

79507 

17409 

78138 

>29.11 

49304 

934-SB 

88437 

79706 

17507 

— 106 
—1.17 
—000 
—8 A 
—122 
—144 
—0.96 

AMEX Stock tadtax 


HU 

Low 

Last 

an. 


47501 

47004 

470.95 

-301 

Dow Joma Bond Averages 

30 Bants 
10 utilities 

10 Industrials 


dose 

10409 

102.70 

18649 


are* 

—037 
— 034 
—027 


Market Sales 


NYSE 4 pjn. volume 
NYSE prev. cam. dole 
Amex 4 pjn. volume 
Amea grew. cons, dose 
NASDAQ 4 sum. volume 
NASDAQ prav.4 sun. volume 
NYSE volume up 
nyse volume down 

NASDAQ volume OP 
NASDAQ volume down 


maooooo 

4 ISSS£8 

22,761500 

259410000 

171U402O 

119592500 

139544400 


N.Y.S.E. Odd-Lot Trading 


Short* 


FS&.T7 
Feb. 14 
Feb. IS 
F*b.l4 
Feb. 11 


Buv Soles 

1 570.102 1599579 

1454.944 1540565 

1.117591 1J94087 

LO74075 1451,987 

89X908 1.044517 38874 


14.T 


•Inetudad In Ihosoku towns. 


SAP TOO Index Options 


Fed. H 


Straw 

Prieeftb Mar Mr ton 


return 


m - - - 

Sm ~ 47V, - 

!B — - — 

400 — — — 


35* 


no - »» »* - 

41S — — — — 

4B 77V, lffh _ — 

ra m. M* — — 

430 t WS 1» — 

4B 9. 6ft W - 

M0 N 4 « 

645 h 1% 4U - 

•68 A ft JtW 6ft 

t55 - K, Itt - 

na - » % m 

465 - ft A - 


- ft ft - 

-51 — 

- * I* - 

- ft It — 

- « 1* I 

- U ft - 

- 11* Zb 41* 

- IS ft - 
ft 2ft 4V* SOb 
* Hk »■ - 
« A U » 
A M 7ft - 

4 m n* a 
n* m* n - 
n n w iK 

- 206 Mt W* 


CaH: Mol vat 175411: takri I 
Puts: total mi SLSt; Mai a 


a U. 54489 
« ML 713444 


Pita* deck Otcfl Dec 94 Dccvt DK9S D*cN 

37% — — — h — — 

49 - - - 11 71* — 

4 H, - «k — Ilk !« - 

45 - - - 2*1. 4 - 


Cate trfd ML IS; total Men M.2UZ1 
MK MM ye* Urt natal open M. 15850 


EUROPEAN WnmES 


doc* High LOW Pm.Cfett 


Food 


Hc‘ = - 

N.T. - — 


C0CO8 (LCE) 

Sternos per matric MtoMnli of If fern 
Mar 903 906 W7 U9 HA. NA. 

MO 918 920 922 8B4 — — 

4fl 938 929 935 — — 

SeP 942 W3 912 — — 

Dec 951 752 954 926 - - 

Mar 965 966 963 743 — — 

MOV - 978 9B0 9S9 

JW W W N.T. 

Sep 9*8 14)00 N.T. 

Dec LOW 14)25 N.T. 

Est. volume: IMP 
COFFEE (LCE) 

ooim per metric Ion-left of s Iom 
M ar 1J3Q 1533 1^27 1JEQ 

1JU2 UU M64 122* 

1531 15B2 
UB7 IXS 
1^30 T.233 

13X3 JJOS 

1X0 1535 
Est volume: 5235. 

High Law CMt 


Mar 

Jul 

Sep 

NOV 

Jen 


U22 

vm 

if? 


WHITE SUGAR IMalffi 

Da Bar* per metric ton-lots at St toot 


CVgg 


Mar 


309 JO 313J0 ZROO + 280 

Aug U1JS0 3WJ» 3IIJ8 21209 + 2JV 

ocf 29600 27500 295J8 29700 + 2J8 

DK N.T. N.T. 29400 296J0 + XW 

Mar N.T. N.T. 2VUB 27&SD + 2JT: 

Mar N.T. N.T. 25*00 29800 + 1O0 

Est. volume: 791 Open Int^ 11046. 


Metals 


Previous 
Bid Aik 


Oo*e 

ALUMINUM (HW Grade} 

Dollars per metric loo 
Spat 130000 130100 T2890D 729850- 

Forward 132100 132200 131DOD 131100 

COPPER CATHODES {HA* Grade} 

□ofims per metric tan 
Spot 788500 188600 189200 181030 

Forward 190600 190700 191500 191600 

LEAD 

DaHan per metric tan 
5 mi 48500 48600 49000 49100 

Forward 49800 89900 30100 50400 

NICKEL 

DaBor* per metric too 
Spat 590500 591500 W72O0 591700 

Forward 396000 397000 597000 397500 

TIN 

Dai tars per metric inn 

Spot 564500 365500 SS27O0 56 3 300 

Forward 564800 565800 566000 366808. 

ZINC ( Special High Grad*} 

94750 97039 

Forward 99600 99500 98700 98800 


Financial 


Me* Low CIi 
NWMTH STERLING IUFFE1 
BHM'PtoFMM 
Mar 9607 9603 9685 + 801 

Jan 9699 M« 969B +002 

Sep 9654 9402 9693 +001 

Dec MO? MSS 9488 +001 

Mar 9671 9647 9678 +MI 

JM 96* 9443 9445 —din 

SOP 9621 9617 9619 —0.8! 

DK 9307 915* 9195 — OO* 

Mar 9177 9X33 9173 —806 

jgg J3J9 913* 9X5S —807 

Eat. votunra: 3X927. Open tnt: 433,16a. 
3-MOMTH EUROCOLLARS fUFFEJ 
*1 million - nts of wo pet 
Mar 9636 9603 9603 —002 

JOB Si® 9601 9601 —005 

Sep 9547 9547 9549 —004 

DK 9529 9S2B 9500 — U4 

Mar N.T. N.T. 95.T5 —DOS 

Joe N.T. N.T. 9686 —UK 

MP NX N.T. 9663 -004 

Eat vatame: 946 Open Int.: 1X87L 
XMO NTH EUROM4UUCS IUFF8) 

DM1 mutton - pH arm net 
Mar 9629 9624 

Jgg 9675 9648 

SOP 9103 9697 

Dec 9121 95-11 

Mr- 9535 9128 

Joe 9533 9528 

Sev 9528 9532 

Dec 95.13 95M 

MOT 9697 9689 

Jna 9405 9672 

Est- volume: 91316 Open Int: 982.160. 

LONG GILT (UFFEI 

mm -pt* a sjudj of m pet 
Mar 11640 115-08 115-19 —047 

Jan 115-10 114-23 11445 —0-28 

Est. volume: 9l.l9i.Oaan inL: 1 15X976 


sr ~r 


, . OOl 

9500 —101 
95.15 —003 

9538 —003 

9539 —004 

9520 - 007 

9505 — IUSF 

9690 —007 

9632 —an 


GERMAN GOVERNMENT BUND (UtVEi 
DM 290010 - pis of 180 Pd 

9847 973S 98.18 — 0 M 

9633 9730 9807 —847 

e: 188327. Open tat: 022X487. 


Jim 
Est. vatame 


Industrials 


Lost seme ore* 


‘ HU In 
GASOIL {1PE} 

UX doUers Mr metric Nw-totsof 188 tons 

worn 136® 13900 OP0Q +033 
7J0 13109 DU.— tfl 

ISO mso 13735 13735 Unch. 
m 13125 13830 mffl —0.75 
ms 34030 14D30 -M3 

. 300 14300 14ZJ5 —100 

14625 14435' 14435 1MJ5 -L50 
14900 14733 147 JS 14800 — *W 
K.T. N.T. . N.T. 15005 —835 
IBP 15725-19225 15225 —073 
Sst volume: 14L233.' Ouentat. 1170*2 

BRENT CRUDI OIL (IPS) 

UAdoffart Pir oone l let s ef tm B un ts 
APT 1132 13.11 LL16 1112+004 

MOV 1X49 TX27 1U7 U2S —002 
JW - IMI UA6 134* ; 1346 —001 
Jt 1335 1161 U01 - 1341- +001 

AW - n*l 12S1 1301 1301+801 

Est. votame: 26927. Open hrt. T2X730 •• 



Stock Indexes 


CTI S/u5SP 


(Beer 

34140 33470 33610 — 

JW 3*155 33974 33*10 — 370 

SOP N.T. N.T. 34020 —565 

Est. volume: HAAS. Open InL: 71031. 
Inna: Rep tors Motto Amnk M od Pnus 
Lm&m lari Ftoanda! Fytuns .Enximgg, 
tart potroteom exehaago. ■ 


Spot Cdnxnod W — 


Commodity 
Aluminum, lb 
Coffee. Brnz. lb ' 
Cooper elactralvHc, 1b 
iron FOB. tea 
LeacLDi 
SUver.ireyae 
Steal (scrap). Ian 
Tin, lb 

Zinc, lb 


Today Free. 

859 . 0586 

- 048 . . OM 

0967 0940 

^ 
ubs ■■ SJJS 

13X33 13301 

X7249 330S3 

06532 . 04496 


Dhridands 


Campnay 


Fir Amt 
INCREASED 

AUMCaaConmircl 
Amwest Irtzur 
Cota hie 

Dyraced Ind 

Ufa PtnmGrp , 

Mtd Amp me 
Shoreline pnd 


INITXAi 


AFGreenn 

Fst Southeast Fncl 

WdsbSvusBkn 



INREWUR 

Cross TbnberaRar _ 0765 

STOCK 


2-28 »44 


AES Corn 
Metro Fncl 


_ 3% 

_ ie% 


3-u >a 

3-1 3-15 


STOCK SPLIT 
Shoreline Fnd 3 lor 2 

REGULAR 

Adolph GeorxB. 

Allied Cop 
AtUed 52 1 1, 

Anthony Indus 
Bancroft Convert 
Ban Ponce carp 


ssszsih 


I Ob 

Colonial HlIncoMun 
cotontai lirtermfti 
Cataakd Muni Inca 
Camstodc Pirns A. 
Comstock Pirns O. 
Croat Timben on 
Darnel hr Com. 
Douctas & Lom as on 
ETownCarp 
Hercules Inc 
Iscninc 




... Enemy 
MacOarmidhic 
Moored, Lid 
Perkin Elmer 
Raven jwdas 
RyrifiT System 
Savannah Foods 
sunbem Osier 
Thor Indus 
Terra I nans 
US Bceicarp 
Walls Foma 



nwpUJyj pwemrly ; swmKuMPaf 


U.S./ AT THE CLOSE 



1C 


lllll 



AmEx for 'Parasite’ Ad 


Raders ' _ 

tiitFH AMMER— T helntcrnationai OWnpc Conunto ot*. 
Friday aitkwed an .Aiofcricaa Expiws Co^ 
the company oT acting as.a ‘^waalc” at the winter 


argument 

marketing stemned firotu m ««»•«>“ “*K*r~ — — „ 
di that says; *^o if you're travdilig to Norway, you'll neot a 

passport bat you dttft heed a'-vist" • * „ . 

.^ySH-k rival of.Americgnfirpn^.f “ 

exdnrire n^iB io proyidc credit and fadUtica al 

“AmericaB Express does no service u> usei^to its 
arhletc5.and riie American rniWie by pretendtog )Q 
customer service, during a ’blatant parasite campaign, saw i«ac 
Found, a meniberof the committee’s executive boU(L - ; . 
“American Express does not require penmxaoa from visa or the 

Norway,” said Frank' Vaccaro, s po k e s m a n for AiBOTcap . 


FTC Plays Down Dumping’s Effect 



CARACAS, 
over three other 


Air Canada Narrowed Loss in 1993 


MONTREAL . 

Canada’s two financially i 
its net loss narrowed to 326 : 
year from 4$4 nfltion doOara in 1992- 
More than half of the 1 993 losses were attributed to “agnificant mie- 
time provirions,” 'mdnrirng 76 miTTi nn drflars to cover staff reductions. 



Regional Metal Unions Seek Strike Vote in Germany 


Bloomberg Buxuusa New 

FRANKFURT — Germany's 
IG MetaD union moved a step 
closer on Friday to a national 
strike as the last of its regional 
wage bargaining units declared 
that talks with employers had 
failed. 

Six regional wage councils for- 


mally asked the national leader- 
ship in Frankfurt on Friday to 
ballot members on striking. This 
reflected the coQapse of top-level 
talks between IG MetalTs leader- 
ship and the employers* organiza- 
tion GesamtmetaU- 
Announring its decision, the 
union leadership in North Rhine- 


Westphalia accused employers of 
ignoring union proposals for com- 
promise. “Employers are obvious- 
ly intent an dismantling waters’ 
rights and smashing wage agree- 
ments,” the union said. 

The new calls on Friday fol- 
lowed similar calls on Thursday 
by the union's four other regional 


wage councils. With all regional 
votes now in, the central leader- 
ship of the union is able to fix.a 
datefora&dtat wdtoait jneatswa- 
Frankfurt on. Feb. 21. 


A ballot would take several 
making a strike possible 
in early March. 


FORT WORTH (Bloomberg) Tfe. fmandar David Bonderinan, 
who put together the investment group lhaUbroaght Continental Airlines 
out oLbanfanptcy last ytm.iwwwaim to try his hand at saving bankrupt 
America West Animes, his spatesmari said Friday." 

Continental is a minority partner in the new investment group, which 
also indndesjwp associate j)£ Mr, Braiderman. James Ctalter and Bill 


Price; Me. Coulter and Mr. Erice^^ wore alsojiart of Air Pmtners, the group 
that mvest^ mCoinmastalvriffi Air Canada. ' 


If the new-bid succeeds, both airimes would continue to operate 
indqjendwuly, dthon#i ftey probably would form a marketing alfiaxrCe, 
said Owen Blicfcsilyer.'i ^xAesman for Mr. Bo6dennaiL’“Tbcy could 
take^dvantage of synogiM such as code-shaxir*,” he said . ■ 


. tt n,„. in,.. 

For the Record 


wu. <.« ;*.-«rrs3r«n»r^ ; - tr? a -rti 


A UJS.. federal grand jury nubc^_Gen)erri Efcctoc Cik, De Beers 
Centenary AG ana two Bnopean btramaarien on a sin^e count of 
cxHi^iring to raise and fix prices in the $500jniIIioo-a-ycar worldwide 
imfagtrid (fiamond adnsoy. . (NYT) 


WORLD STOCK MARKETS 


Agam Franoa Prcue W». 18 


Amsterdam 


49.90 49.90 
S9 e0-10 
10610 104J0 
5160 52 

21300 21330 
8100 8120 
4300 45 

1520 7640 
11020 11200 
18240 184 

Tnm 3000 

53.10 54 

292 291 

23620 23620 

6100 4300 

Hunter Oougka 8700 8740 
IHCCaKmd 
inter Mueller 
Inri Nederland 
KLM 


ABN Aim HM 

ACF Holding 

Aegon 

Ahold 

Akza 

AMEV 

Bats-wessanen 

CSM 

DSM 

Elsevier 

Fakkar 

Gtsi-Braoadn 

HBfl , 

Heineken 


KNPBT 
Nedlievd 
Ocb Grlnten 
Ptdchoed 
PWllPS 

Fatygram 
Robaco 
Rodamoo 
goiinco 
Rormto 
Roval Dutch 
Slorfc 
Unilever 
van O nmieran 
VNU IBS 

Walters/ Kluw llSSO 





Acec-UM 

AG Fin 

arsed 

Barca 

Betcoert 

Cockerlli 

Coben 

Demobee 

Eled ratal 


Brussels 



SIB 
3BL 

Gevaerl . 

Kredleitmk 

Petrol tea -- - - - 

Pa-wiui 5*5 3000 

RavolftHge WW 
5ocGenBamue B4W «M 
Sac G*n BeWoue JB0S 37M 
Soflno Mg law 

Salvor >5025 15375 

TrodeWrt llMllffi 

UCB 26525 26725 

kidded : 775209 




29900 

363^357.11 


Frankfurt 

AEG 1408014650 

Ainorc Hold 2M0 U40 
Affena 46046680 

Asm 
BASF 
Bover 

BOV. Hype fiOrtc 
BovVeretasbk 51470 
BBC 

BHF Bank 

BMW — _ 

CommeriBonk 1S9J0356» 

Continental 2WJB2SM0 

Dataller Baa 
CWnsa 

Dt Babcock 


654 470 
6S6S0 4E 
K 7J0 B3} 


$HS0 829 
484JD 488 
2S120 ■” 


Deutsche Bonk B3L50 82} 

DauMas 548 567 

OfiHMr Bank 428 *19 

FeMmwdile 334. 330 

e Kruno Hoescb 191 19000 
Harocner 32308 315 

Henkel . 676W4U7D 

HocMIef 1173 1174 

Hoechsl J»»1J0 

Hartmann 993 99? 

Horten 21? 2M 

IWKA WJ0»ta 

Kdll Sort 1565D15UD 

Karaoat S** 535 

KMWtaf 655 477 

KHD 115ir 

KleecknerWerae I2» 



OoeeFrsv. 


Helsinki 


Arntr-YMyrno 

Enso-Gutreli 

Huhtamakl 

ICOJ*. 

Kym m ene 

Metra 

NokkJ 

Pohlota 

Repolo 

Stockmann 


225 220 
1670 


1600 
129 130 

238 Z32 

324 325 

96 98 

117 119 
303 3ID 




Hang Kong 

Bk East Asia aa?5 41 
Cataav Pacific 1160 1340 


Cheung Kong 
China Ugbt Pwr 442S 46 


Dairy Farm lirta 1190 1340 
Hang Lung Dev 1640 1480 
Hang Seng Bank 73 7250 
Henderson Land 67.75 63 

HK Air Eng. 4525 4350 
NK China Gas 3L40 7070 


HK EJecJrk: 2740 27.90 

HK Land 24 2610 


HK Realty Trust 2J 2520 
H5BC HoKUngs 118 117 
HK Stang Htls 1200 020 
HK Telecomm 1690 kjd 
HK Ferrv li» 1250 

Hutch Whampoa 3575 34 

Hvsta Dev 2750 27.60 

Jordlng Math, 74 7650 
Jordlne Sir Hkl 3075 3350 
Kovriaan Motor 140a iuo 
M andarin Orteni 1100 1W 
Miramar Hotel 2S5o 25.10 
New World Dev 3350 3350 
SHK Props 40 60 

Slelux 5.15 5 

Swire Pac A 57 SB 

TalOwwng Pros 14 1340 
TVE 350 350 

Whorl HOW 3100 3050 
Wing On mn NA NA 
Wlnsar rod. 1010 1020 

VSMSt?ti§5* tm5M 


Johannesburg 


AECI 
Aitech 
Anglo Amer 
Bor lows 
Blyvnor 
Buffets 
D e Bears 
Drtefometa 
Gencor 
CFSA 
Harmony 
HUmvekJ Stool 
Wool 

Nedbank Grn 
RoncHoAlrln 
RuSPItJt 
SA Brews 
SI Helena 
S«ol 
Walk am 
Western Deep 


1925 n 
94 «6 

?W IK 
NA — 
NA 0 
SO NA 
>075011750 
53 5*50 

“S “J 

2725 2625 
18 H50 
6550 6075 
27 V3S 
« 42 

79SJ 2 
87 67 

40 ta 
2258 22 

4350 43 

?88 172 

BSSSMaffi ** 55 


London 


am»v Nan 

ill 

it? 


OJO 

625 

KftvilvSM 

2.94 

2*5 

Arm'll Grant 

204 

24 3 


5J] 

504 

3AA 

1088 

1030 

BAe 

Ben* Sarttond 

Us 

IS 


5.76 

S-&4 


5.19 

5.16 

BAT 

L87 

5 

BET 

144 

144 

Blue arete 

149 

171 

t **' r ■ 

6.96 

4.96 


SJB 

540 

- . " 

*75 

*77 

BP 

30) 

146 

SrtT Atmravs 

*73 

*78 

9rtt Gas 

143 

243 

JrlfSfwl 

r.44 

146 

BriiTetecum 

8TR 

*49 

172 


Cable wire 

*70 



S32 


*22 

*J5 

Coats vtvena 

207 

437 

2J1 

643 


*94 

403 

=CC Group 

506 

111 

Snterertse Oil 

4J9 

*36 

Eurom™*! 

154 

543 


IV 

IJO 


136 

257 

SEC 

3-38 

163 

3em Act 

600 

4.90 


6J9 

41V 

SrendNWt 

407 

403 

IRE 

U1 

239 


119 

130 

SUS 

023 

AW 

tana 

TM 

200 


1.73 

IV 

TPT- f 4TTr^^B 

MU0 

18*0 


773 

7,98 

iii - 

SJ7 

176 



429 

207 


Land Sec 

Looorti 

Leomo 

Legal Gen Grp 
Llovds Bank 
Marks SP 
ME PC 
NaM Power 
Names! 
NlhWa water 
Prortan 
P&O 
POktagton 
PowerCen 
PrudenlM 


Rank Org 
' ltCol 


Recklit l_ 
Redtand 
Reed Inti 
Reuters 
RMC Group 
Ralls Rovce 
Raihmn lunlii 
Roval Soot 

arz 

Sal ratary 
Scot Newcas 
Scot Power 
Sears 

Severn Trent 

Snell 

Sieta 

5ml Hi Nephew 
SmithKiine B 
Smith fWH) 
Sun Alliance 
Tate & Lvle 
Te*6» 

Thorn EMI 
Tomkins 
TSB Groua 


528 


11.27 1128 

246 248 


Unilever 
"Blscu 


UM Biscuits 
Vodatcne 
wa r Loon 315 
We I Kama 
WW tarred 
williams Hdgs 
Wmcorroon 
F.T.30I 


1338248 


Madrid 


BBV 3605 3629 

Bco Central Him 2W0 2wp 
Banco Santander 7180 7230 
CEPSA 2135 3720 

Drogodas 2660 2510 


Endesa 
Ercros 
loenmioi 
ReMOl 
Tataealera 
Telefonica 
5JE. General 
Prevtoa: 


7410 7500 
.161 1*9 

1120 1160 
6475 
4130 
2065 2075 
: 34754 


Milan 


Banco comm 6138 60S0 
Basfogl m SSJ3 

Benetton group 27000 24450 


CIR 
Crefl Itai 
Enlctam 
Ferfta 
FcrfiA REso 
Flat SPA 
FitmeaanlcB 
Generali 
IFI 

iralONn 

iWcos 

italmoOiHcre 
Medctanca 
Motaedison 
OiNmtl 
ill 


5 sar 


Rta u sewie 
Setaem 



San PaeJo Torino WM 10843 
SIP 4380 6404 

SMC 3837 381D 

Star I9M 19ff 

Slando ROOD 32900 

Stal 479V 4781 

TcnsAssI Rtsa 29900 30000 


Mid index 


Prey K urt I 


47* 

IMfc » 
ST-* W»* 
T5, 


Montreal 

Alean Aluminum 38** 3d 
Balk Montreal 78** Bta 
Beil Canada 
Bamtortller B 
Cambtar 
Cascades 
Demtaftm Tent A 7W 7ta 
Donahue A 2& J* Wta 

MacMillan Bf 

NaH Bk Canada 
Power Core. 

Quebec Tel 
Otfgfiecor A 
bnbccer B 
Ttaegtabe 


23 23G 
Wk Sip* 
7VA 21V. 
21*9 2118 
1912 195* 
W* I9'k 
201a m* 

61 * 67l 

29* 291* 

RS5S5g?^ :utt<a 


1285 1310 
Z77.90 282 


Z77. . 

725 728 

921 939 

4102 
284 


14150 


1650 


Parte 

Accor 726 730 

Air UoukM B44 857 

Alcatel A Whom 729 737 

Asa 1689 1527 

Bancaire (Clel .464 6*6 

BIC 
BNP 

Beuyaues 
BSN-GO 
Carrefour 
CCF. 

Cents 
Onrggurs 
Clmants Franc 38000 381 
CM) Med 3S5 3*3 

EH Atari totes 41800 41940 
Eff-Sanofl 1047 IE09 

Euro Dlmev 36*0 35 

G«n. Eckix Z74S 779S 

Havas 4S2.10 4*8.90 

I mew 453 A4S 

LotargeCanaec 4020 m 
Leorend S 7M 5 050 

Lvan. Eoux B2 588 

oreal I L I 1^0 I2»3 

L.VJ9LH. 3915 395B 

MctriFHachette 17090 1750a 
MKhellnB 2S10D 2572C 
Moulinex 1221 19 JO 

Part has S3I SM 

Pechlnrrlnti 20700213^0 
Pernod- Rlcard 609.90 4io 
Peuaeat «7 M 

Prtatsnwi (Aul W5 W5 
Radtotedmtaue 550 524 

Rh-Paulenc A 14540 14740 


ROM. SI. Louis 
Redout* ILQl 
Saint GobaM 
S.E A 

SieGenerale 

Suez 

Thomson-CSF 

Total 

llAP. 

Valeo 


1458 1501 
954 9t0 

479 635 

tt IS 

350.7Q 854.10 
18900 192.10 
338 34150 
207J0 71250 
1474 1495 


CACeo 


.W 


IJ8 


To Our Readers 

Stock prices for the 
Sao Paulo market were 
not available f« this 
edition because of 
problems at the 
source. 


Singapore 


Ceretas 
arv Dev. 

DB5 

Frraer Neave 

Gent mg 
GeHJen hom pi 

How Par 

Hum Industries 
inehcope 
Keaoet 
KLKeponv 
Lum Chang 
Matavan Banka 

OCBC 

OUB 

DUE 

Sanbawang 

Sngngrilo 

StmtDartrt 

SIA 

Stare Lara 
Stare Press 
Sing Sfeemsfiia 
Stare Telecomm 
Slrelis Trodtas 
UOB 

UOL 


700 3J5 
400 68C 
rr.«i iiio 
1550 IEJ0 
1750 I7J0 
173 Z7Z 
138 144 
4J0 642 
675 5J0 
1000 11.13 

KM 3LI0 
109 108 
8.95 8.75 
1340 1340 
145 845 
750 74C 
1340 UJ0 
580 540 
148 300 
740 70S 
4,90 7 JO 
1450 164S 
308 190 
342 34 2 
304 181 
1040 1050 
128 2J0 


Ctaee Prev. 


Amcor 
ANZ 
BHP 
Boro! 

Bougainville 
Coles Mver 
Comoleo 
CRA 
CSR 
Dunloa 


Fosters Brew 
Goodmcn 


Sydney 

1020 1022 
£.65 554 
18.13 1828 
451 659 
*23 125 

5JJ6 
544 __ 
1700 1IL» 
503 409 
SJ0 522 
133 LSJ 
145 147 
10 30 m 70 
110 2.10 
202 2.97 
1232 12.10 
Tft4S JalS 

IS 2§ 

.94 301 


Field 

ICI Acsfralio 
Magellan 
MIM 

Nat Aus* Bank 
New* Com 
Nine Network 
N Broken Mill 
Fleeter inn 
Nmndy Poseidon 2JD UB 
OCT Resources 1 a 5 144 
Scr.taa 62D 628 

TNT 241 

Western Minora 743 747 
Wes^iec Banking 5W 52a 
WocdskJe 665 445 


pwsrwar 1 


Tokyo 

Altai Electa 
Asahl Cheir.ico! 
Asctr Gloss 
Sen* at TrOrrO 
Brtagcsrgne 
Carer. 

Cas« 


4S 434 
073 490 

1129 i r- 
isz3 a 

1*63 l^SO 
1500 1580 
1170 1 


Dal Nippon Prntf 18» 17» 
Caiwa House . WOO W» 


Datwa Securiiles i*ta 


4240 4220 
2140 2140 
251 0 2430 
9E4 
8B9 
785 792 

WZJ tCO 
5580 5401 
67S 647 

615 4C 
vi2 m 
TS30 2620 
335 MS 
1153 1140 
819 805 

4 14 655 

6400 4513 




PfWlWl ' 


StockfroJm 


AG* 
jA 
AshtaA 
Atlas Ccea 
EleetaoUw B 
Ericsson 
Eneite-A 
HoNdefsaanktai 
investor B 

Naru Hydra 
Prneoraia af 

StadWkB 

SCA-A 

5-E Bank to 

SkondUiF 

Sk tardus 

SKF 

Store 

W W0BF 


453 490 

S4P ST7 


183 183 

445 440 


399 * 
344 343 


127 TO 
>34 140 


253 305 

254 254 
■42 143 


131 IE 
144 166 


49 JC 49 

184 t92 


CT 213 
153 155 


ill 


443 446 

8700 B70O 
683 592 

! WUt 


Fcn«c 
Full Bank 
Fuii Pneto 
Fujitsu 
Hdacn: 

Hitachi Ccsie 
ttandc 
itaYckstta 
itaenu 

tasen Airliners 
Kallma 
Korea F ewer 
K=w csc fc. Steel 
Kirin Brewery 
Kantctau 
Kubota 
Kvecera 
MatauEleClfKft 17TM 1489 
Menu Elec Wks 11*5 1130 
MITSutaJtt e» 

KssH 

Mltsucislii EMC 
Mitsubishi Htrv 

MifSuWVu' Core 
Mitsui and Co 
Mitsakashi 
Mltguni 
NEC 

NGK insokitars 

Nlkka Securities 1743 130D 
NiDoen koqokd 
N taponOlt 
Niooer. 5tce: 

"■=ocn Ywer 
Nissan 
Nomura See 


22SC 250 

440 455 
S4S so 
«71 445 

ICta 1070 
740 74D 
SIB 810 
1831 1810 
97* 468 

1C30 1030 


713 753 

s & 


tab 8» 
TIM 


S.-5C 

NTT 93Xc 50600 

Olvmaus tericai 1310 1060 
P^meer 
Riccn 
SenraEiec 
Sharp 
Shimaru 
Shfnrfsj Oaon 

sw 

SumltamoBk 
SurnltctmCfiem 
Sum. Marine 

Sure tamo Metal 
Tc*>oi Core 
TaisnoMcrire 
Takettacnem 
T5* 

Ttflin 

Tafcyo MorLne 
reinro Glee Pw 
Taooon Prim me 
Terar md. 

Tcsf.ise 
Toyota 

Verna ,cb, 5« 
am 10C 
Mautm 


2583 2BJC 
735 7*5 

639 434 
1570 1570 
4*5 6S2 
1933 1M0 
SC3J 5530 
2173 2160 
415 433 

860 867 
232 2J9 
464 6J0 

|S5£ 

412C 6C33 
449 439 

1T7C 1773 
3393 3360 
1G30 1290 
649 45S 

715 7U 

ren i9oo 

793 791 


lepta iadta^! 
Prevtoos: ite 


Toronto 


AWHWPrlw 
AsmeoEcaie 
Av cunedg 
Alberta Enerav 

AnyjcrrJOi Res 33'* 

BkMevaSsstta 

SvGcn 
BCTeteepm 
BF Realty Hds 
Bramatee 
Brunswick 
CAE 
Camdev 
CIBC 


T T-. 

IWt 

14% 

16 

3*31 

4TS 

19ft 

191J 

jy-s- 

34 

48 

JI 

and 

30ft 

T5ft 


s-i. 

25ft 

001 

04+ 

» 

V,*! 

9ft 

n 

PV 


5% 

33% 

34 

23ft 

23ft 


13 

im 

47V5 


Can Packers 
Can Tire A 
Cantor 
Cara 

CCU Ind B 
Oneotoic 
Cant Mad 
Conwest Exm 

Denbun Min B 

Dtckcnsan MHl A 44* 
Dotasoo 24i* 

Dylex A 0J6 

Echo Bay Mines 1M6 
- - r ‘ 102 


tou. 

605 

19ft 


0 S 


Eauttysitver A 
FCAInH 3U. 

Fed Ind A Eft 

Ftetdwr atoll A 21 
FPI 446 

Centre OSS 

GoWCorn B9> 

Guttata Res 640 
Hies Hitt 154* 

Hereto GW Mines 121* 


Prev. 

12V5 

£ 

104* 

6-10 

20H 

234k 

004 

«fc 

104 

3.90 

814 

21ft 

605 

0L53 


Hatlli 


1* 
1P4 
31 Vf 
391k 
34ft 
31ft 
21ft 
22ft 
23 
in** 
<714 
23ft 
8ft 


1544 

12ft 


14 


Hudson's Bay 
ireasca 
taco 

Irtfwprov Pipe 
Jannock 
LatMtt 
LataowCo 
Mge tem h 
Matma inHA 
Maritime 
Mar* Res 
MacLean Hunter 14ft 
MobanA 26ft 

Noma ind A 7 

Noranda Inc 2S4i 
Norenda Forest I2ft 
Nor cm Energy 15 

Nfhern T e le com m 

Nova Core 9ft 

Ostawa 2rt* 

PagurtaA 140 

Pioewr Dame 32ft 
Poeo Petroleum 9ft 
PWACarp 101 

Rovrock 17ft 

Rww Usance 
Rogers B 2146 

ffomrnoni lOtli 

Royal Bank Can 9ft 
sewtreRes Mi* 
g cotfsHo sp 8ft 
Seagram 38ft 

Sears Can 7ft 

SheB Can 37ft 

Sherrm Gordon lift 
SHL Svstemhse 9ft 
Southom 17ft 

Spot Aereswoe 17ft 
Stetco A 8ft 

Tonsman Energ 29ft 
reck a 25ft 

Thomson New left 
Toranta Damn 204fc 

T orator B JSft 

Transom urn 
TrvwCda Pipe 
Triton Flal A 
Trimse 

TrtXBCA 

Ufdeorp Energy 


18ft 

31ft 

34? 

31>* 

72 




to 

24 

BV> 

Wk 

23ft 

13 

40ft 

ns 


93 

33 

3 

17ft 

3ft 

22 

W 


lift 

84* 

38ft 

7ft 

lift 

9ft 

m* 

194* 

8ft 

s% 

17 

.11 


U.S. FUTURES 


Via Auadated Fna* 


ftb. 18 


Open Htob Lew Oato On QpJnt 


Grains 


34644-4103 14012 


WHEAT (CBCm iMt.mnMm.wm 

3HV> 100 Mar 94 1671* 3074* 303 

172 181 ’■ 

157*. 103 Sen 94 SS” 145V* in 306V. ♦BJ0V, 1783 

105 109 Dec 96 157ft 153 1511* 157ft 1713 


May 96 155ft 156ft 153ft 155 —000ft 9J07 
Jurat 163ft 306ft 301ft 30144 14081 


TSE 380 ■ 
Previpn: 


15ft 

19** 

400 

U4b 

an 


TO* 

4ft 

16ft 

an 

a.95 


6J7M8 


Zurich 


AtfalnllB SSI 270 

AkautSSc B n*w 424 428 
BBC Brwn Ba* B 1002 1087 


OboGetey B 
C3 HoWinssB 
Elektr o w B 
Fbeftor B 
IntenHscount B 
Jkimofl B 


LandtaGw R 


913 973 
706 725 

3920 3970 
1365 1350 
7405 2440 

S 8 *» 
m ns 

05 640 

460 445 

na 1367 


Liu 

M p ev en c i ck B 

Nestle R — IMH 

0griiKBuch<1eRl&5B 156 
Poroeva hic B isto 1400 
Rocne HUg PC 

jOxVjOZ d 

SchlnolerB 
SotiorPQ 
5urvetltonoe B 
Swiss Bnk coreB 
Swiss Retnsar R 
Swtssolr R 
UBS B 
■nnwifiur b 
Zurich A»B 




TOO 70 X 
145 U7 
4090 4100 
7300 7280 
925 m 
1990 2000 
502 517 
445 481 

835 835 
1455 1669 
785 815 
1505 1510 


Toourreoders in Au-dria 


I’snewrbewtiaMr 

l3»ubjmbe«|yjrft 

JwlcnlteWiwL 

QMO0I55 

or fcn. 06069-175413 


Marts 156ft 15SH 156ft 156ft 

162ft 111 JutVS U» 1371* 307% -001 ft 11 

Est«ri*S 9000 Thu's. W«_ 7072 
Ihrto*nW 47077 ad 
WHEAT OCOOTJ 5JBBUu - _ 

3.97 UB Mar 96 101 142 140ft 301 -4U1 12029 

179ft UB May 96 1S1M 154 3J21* 152ft-4LB1ft 1MB 

155 197 Jill 94 302ft 302*. 140ft 341*.— 000ft WJ1* 

IHft 307ftS«>M 343% 343% 341% 147tft-aj0* 1351 

308 112 ft Dec 96 34B% 341% 141% 148% -400 ft 958 

301ft 343ftMta9S 151 -4100% 48 

EsLsOK NA Thu-VSUhs 405} 

TWSOPWlW 34.794 Oft 945 

1 (CBOT] SffmwBrfnwn^wwennreuM 

132ft Mor ?4 207ft 2J9ft 1*7% 703*. 62J74 

UlftMav 94 206ft 7S6 U3ft 196% 107.714 

241 J0 96 197 259 254% 157% 91764 

Z0MStm96 201*6 £SJ» 207% 202ft-40Oft 21431 

336 ft Doc 9* 266ft 208% 206% 207ft 88012 

2J3%06taVS 173*6 276ft 272% 273*1-000% 1195 

2J3 M0y95 2J8 ft 239 178 178 —008% 299 

274ftJulfe 200 200ft 27* 27996-000% 736 

ft IHftDecW ISft 202% 251 251%-fl0l% 171 

SONS 40000 WsMts 664SZ 
‘SOPtolW _M1J7 7 0(7 3*46 
B P AM S tCOtrO MMOa mMnenf M*ne H*M 

507ft MW 94 633% 038% 672ft 034ft +000% 41148 
192ft May 94 679% 603 678ft 601ft + OOl ft 49033 

596ft k496 083H 806 *02 806ft +001% 37015 

638 Aug 96 678 639 638ft 678 +002% 70*6 

6.17 5ep« 601% 644 801% 60M *BbOW W 

S0Sftltov94 6«ft 837ft 648% 851% +102% 2WQI 
818% Jew 71 833*. L3TM 853% 858 -OJJIft 104* 
862 Marts 402 862 401% 402 +802 36] 

8477j JUI95 403 ,001 30? 

501ftNMV5 402 825 822 814% HUDOft 987 

EftMtot KIOOO rmrs. softs «JB 
Thu's open W 14600 oh *12 
SOYBEAN TABAL (CBOT} wn-Mnu Km 
WS0 WSTOMarVi reuo 19*40 1TOJ0 19600 
WISOMoyfl* 1K.I0 195-00 1*00 1*600 
19108 00 96 19500 19180 19100 19S0D 
191 00 Aug 96 19810 19500 196.10 19600 
raejOStott I92J0 19*00 19200 KUO 
U7.I0OO96 1*2.10 19230 191 -BO 1*1 At) 

440 Dec 96 19170 tVIJO 19120 19140 

Wjjtalg 19200 19200 19100 19140 

Earns 75000 77KTS. sales 7*065 
Thu'S OPfflW 91737 up 170 
SOYBEAN OIL (CBOT) iuM*yMMivia*i 
3075 2LUMVM 2813 2808 2801 1U6 

3065 Z1J0MOII96 73.10 3831 3807 2829 

2978 21J4JU96 28,50 2833 2805 2834 

2970 71 AS Aug 94 7715 37AS 3772 272* 

2840 22495epf4 2745 2747 27JS 2745 

2745 awwtt 2640 3*71 2640 2643 

2600 090 Dec 94 ZU5 2819 3895 2802 

3655 ZlASJaiVS SUB 2805 ZL» 2550 

2570 SMfito-95 2570 

2825 2520 May 95 2545 

Elf. SUMS ISMO Thu'S, sries 70X66 
TtaTsapBlH T01.T74 Up 309 


23200 
m nn 
22100 
2TOOO 
20600 
209001 

nun 


*■020 38754 
+000 21346 


+020 W.W 


♦020 .. 
+0JD 4.732 
+U0 1791 
6729 
993 


+O0BB071 
•a»2U15 
+004 21 m 
+005 6jn 
+005 5715 
♦UR 4427 
-001 9J44 
+0® 1,100 
*005 27 

1 


Livestock 


CATTLE (CMER) «nM-<*4»wo 
7 LB 70.90 Feb 94 BI7 JW «B 7UJ 

7300 Apr 96 7647 7ST5 7543 TUT 

7U5JWl« 7432 7431 TVTT 78)0 

RUBAuata 7120 7370 7227 73 IQ 

71070=96 taJO 7ZB 7335 2X37 

7205 Dec 94 7375 7387 7US 7307 

Tuatoain n*s ms 7uz ns 

'EM. lefts 9409 Thu's, softs TUN 
TtasmtW «32K OR 2511 
FEEDER CATTLE (CMER1 30000 to*.- cam bw to. 
UJS 77J2MtaN <140 01JS 1745 <142 

TVJOAie-96 0000 KU5 8040 80JI 

7LtaMoy96 tOM KUO 80J5 8BJ7 

79 At Aug 9< 61 JO 0147 8130 1145 


82J5 

7405 

7307 

7X99 

7439 

7*3} 


+030 1J74 
-0.13 31308 

-aasus 

-UB 12071 
-an 9409 
1,942 

met m 


MOO 


n nn 

auo 

81.10 

08001 

IU0 


79lBScp|U 4090 tin 8075 Mtt 

njaaavf auo am aus 1047 

7745 Nov 94 SUB 0105 «HB 8105 

79.1a Join 

Esc series 4*6 Thu's, sons T4ni 

TnreopoiH tun br W 

HOC* was®} JUOOtot.onfcMrta 
51 JS «J0F*D94 4007 49 JS *55 <9 JO 

17.92 2fJ74«rW V25 «JS «ff 4fJO 

5827 4SJ7JW1M 5400 3U0 5U0 54J3 

4L30 Jul 94 5*00 3825 SJO 5405 

6*05 *uo 94 52.15 M 5202 S.12 

4U80CTM 4X25 «0 4US “ 

4SJ0Dec«* 4905 4905 48.90 


+005 4028 
+020 2J9D 
-M2 2485 
+0.15 U« 
—Ms m> 
-0.10 490 

-oar is 

—0.13 8 


A 


5137 

5X40 

4275 

S3J0 

5DJ0 


£S 


4000 Feb 95 6900 4905 4900 4905 


40.90 Acr9S 
Esi. softs UK nif’f.ggfc* MW 
tlWiapnlM 31433 00 206 


4747 


M 

M8f 
+Q.U 7J« 
+005 3012 
—OBJ 20*6 

3$ *9 


4L15 

40.90 

5100 

MISl 

5900 


C5 (CM8M AMOrOtlwk 
lOF+OM S4.CB S7J0 HAS 5737 

¥«r« ara Ms® ms as? 


39.1 

x mar* 

4000 May 94 5148 5700 4U0 5702 

39J0JU94 £605 3703 J8W 5747 
CMS Aug 94 58H SLID 5X» J8JD 
F*aPS SSX2 SUB OB SUB 
Marta SS 

CS. softs 2324 ThuB-Htof 2.901 
TlsridMaH 90*9 hr 256 


■*L» L9M 


Ml 


*140 400 
+UB 2417 
♦ US €B 
*048 1 


Food 


GDPPttC OKSO BJHft-MkHrh. 
UJS MJVMarU V30 773D 7*45 

9030 4USM0*M 7105 79,15 TUB 

17 JO kUOJUH HUB aus TWO 

8850 *800 Sep 94 81 JO «JS 8100 

«.« 77.ID»CM BUD X2J0 KUO 

<700 RSOMtaVS 8X65 BUB UB 

U C0OMg/9} 

8500 USOJlrita 

».Mei 7.N# Thu's, >4,1 » 

ThH'SOlMnW 4L788 up HM 


77JX7 

71X3 

•MS 

8148 

SS 

an 


+040 UB 


ojoagns 


+U8 
+833 

♦0JD 27 
-♦008 1 


SUBM WORLD 11 (HC« IIU9MM^._... 

>(i , 1D| lus t|st . 


II M 


Lbi 


-nsi 


+M2 220H 


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Less thukajted of the.179 domping cases the commission studied 
resulted in indostiy revenue losses greater than. 5 percenl and oo^.2f 
involved losses greater than 10 percent, the report said. . 

"Tbexxrs lots of fan fon * gmr Hirnfe^ dimming, and this report snows 
bow little it really affects U.S. businesses," saidMorris Morbc, co-amhor 
of tbe report and a member of the commisacrn’i cconomics dxviaon- 


;y*' 

«r*." 


v.+- m tbeafterinaihtrf thefaflnrc erf 'Banco Xjttino, the 

second-largest bank in Ycneznria, a Finance Ministiy official said 
Friday. ; . - ■ . 

The goveenmeazt “has technically intervened in Banco Maracaibo, 
Banco RoHmu: arid Banco tie teCbri^rBOc^m, .and the finandal institu- 
tiqn Owi ftnanTas , rince they were in danger of cofl apse." the official said. 

President R?ifad CaldCTa said he l ad xequested thc resignations of 
Roger Uritina, the stiperialeadeHt of- banks* and.Eajeranza -Martino, 
hc«l of Fogade, thc bank doiorit guarantee agency. Both of them have 
been widdy critidzied, Mr. Urbina for' lint nqtervirion' that led to the 
Rnnm Tatinn m'st^ nnH. Mar ti nn for.depOStrilg 27percent of Fog&de's • 
funds in Banco Latino, despite nnriots of the bank’s shaky finances. 


JgJ 


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i) — Air Canada,- the larger of 
airiines, announced Friday that 
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INTERNATIONAL HERALD TRIBI NE. SATTRDAY-SI NDAY, FEBRUARY 19-20, 1994 


Page 11 


es 


In Discount Rate 


Reiaers 

FRANKFURT — * German 
stock and bond markets weakened 
Friday as investors reacted with 
disappointment to what was widely 
seen as only a half-hearted interest 
rate cut by the Bundesbank on 
Thursday. 

After an initial surge Thursday 
in the aftennath of the Bundes- 
bank’s half -point cut in the dis- 
count rate to 5.25 percent, both 
bond and share prices enA»rf .Fri- 
day lower. 

Although the German move trig- 
gered a round of interest rate cuts 
throughout Europe, domestic mar- 
kets felt cheated as another key 
rate, the securities repurchase ra te. 
was left unchanged. 

On Friday, the Danish central 
bank cut its discount and key de- 
posit rate to 5.50 percent from 5.75 
percent Sweden cut its key margin- 
al rale to 725 from 7-5 percent the 
Bank of Finland’s money marke t 
tender rate fell to 4.75 from 4.95 
percent and the Rank of Spain re- 
duced its daily intervention rate by 
about 025 to around 8.55 percent. 

In Zurich, Switzerland’s central 
bank added liquidity to the money 
market Friday, a move seen as a 
signal to markets that Swiss inter- 
est rales had further to falL 

Austria, the Netherlands, Bel- 
gium and Italy had cut rates on 
Thursday. But French interest rates 
held steady. 

On the F rankfo rt a reh a ny the 
DAX index- closed Friday at 
2,151.97, up 2.09 peraart or 2325 


Portugal Flans 
Telecoms Merger 

The Associated Pren. 

LISBON — Portugal will merge 
its three staie-nm telecommunica- 
tions companies and one serin-pri- 
vate company into a single entity to 
be known as Portugal-Tdecom, the 
Finance Ministry said Friday. 

Tetefones de Lisboa & Porta, Te- 
lecom Portugal and Tdedifusora 
de Portugal along with thesemi- 
private Rfflfio Marconi, wfflbecoo- 
sobdaied in April a ministry offi- 
cial said. 

The merger date will be an- 
nounced after the four conmaznes’ 
1993 earnings axe released. The 
merger anticipates the eventual pri- ' 
valuation of Portugai-Telecom, 


points from the previous dose of 
floor trading, winch preceded the 
• Bu nde sbank rale cut. But it was 
down 1032 points Iran Thursday’s 
fin is h ing leva for after-boos trading. 

Ten-year Gorman government 
bond futures for Maid) delivery 
. stood at 98.15 in late trading Fri- 
day, 051 bekw Thursday’s dose. 

. The Bundesbank’s most impor- 
tant interest rate,. the repurchase 
rate, or repo rate, was left un- 
changed at o percent cm Thursday, 
the level that has prevailed since 
early December. 

Nigel Langley, an institutional 
adviser at Commerzbank, said: 
"The market was disconcerted by 
the. fact thaL the repo rale was not 
cut It was interpreted as not a 
strong cut” 

■Richard Reid, an econ omis t with 
Union Bank of Switzerland in 
Frankfurt, predieted, another dis- 
count rate cot at the end of April 
and another move around July. He 
saw a 4 percent discount rate by the 
end of 1994. 

■ Paris Broaches Rate Move 
- France’s finance minis ter, Ed- 
mond Aiphandfiry, said Friday that 
the Bundesbank? rate cot would 
give the Bank of France “more 
room for maneuver.” Agence 
France-Presse reported from Paris. 

He said the German move 
“opens the door to lower interest 
rates in Europe, which we all need 
in view of the European economic 
situation.” But he noted that re- 
sponsibility for lower rates “now 
bes with the .Bank of France.” 


Euromobiliore 
Changes Hands 

\ Bloomberg Badness News 

. MILAN — Gredito Enri- 
fiano SpA, a privately held 
Italian hank, bought a 56.6 
percent stake in Earomoht- 
bare; a Milan-based merchant 
bank, a Credito Emiliano 
spokesman said Friday. 

Credito R njl M ift hrin ght the 
stake from Hongkong &!§bang- 
hii BnAnm Om ftiKKAad 
ports put the price at between 40 
bfllion'and 4) ISEcn fire ($25 
mOBon and $30 million). ■ 

Fbrinvest, Shoo Berinsconfs 
holding company, has about 5 
percent of Earomobfliara - 


In Taranto, Steel Is No Longer King 

Giant Mill’s Decline Mirrors Southern Italy’s Troubles 


Frankfurt 

DAX- 


By John Tagliabue 

New York Times Service 

TARANTO, Italy — Day and 
night, the smokestacks at the big 
Ova sted mill heave plumes of 
orange, black and white into the 
Mediterranean sky, a right that 
once inspired government leaders 
to praise it as a “cathedral in the 
desert” that would heal a schism 
between Italy’s prosperous north 
and undeveloped sooth. 

. Built in the early 1960s as pan 
of a drive to develop southern 
industry, the Eva mill is still reck- 
oned to be Western Europe’s 
lamest. But it has become a sym- 
bol of southern Italy’s crisis, and 
a challenge to the country's 
imaginat ion as it moves toward 
electing a national legislature 
whose task wifi be to revive the 

timeotin theNonh^^ 

That is not to suggest that the 
changes sweeping Italy have by- 
passed the people of Taranto. 

The big sted plant is part of the 
government’s sweeping plan to 
privatize state industries. The war 
against corruption in the region is 

tion 140.000, has an dectedlnay- 
or for the fieri time since 1992, 
when the national government 
threw out the old dty government 
for corruption and installed an 
administrator. 

But so far the changes have 
only stirred uncertainty be- 
wilderment about the fu t u r e . The 
privatization of the mil] is certain 
to raise the local unemployment 
rate, already 25 percent. And so 


far a much-vaunted government 
program to create 4.000 alterna- 
tive jobs has produced only 300. 

Worst of all according to some 
people, the new mayor, a building 
contractor named Giancarlo 
Gto. is a hard neo-Fasrist who 
uses the private television station 
he owns to pillory opponents. 

The plight of southern cities 
like Taranto and the popularity 
of mavericks like Mr. Cito raise 
unsettling questions with the ap- 
proach of national elections 
March 27-2S. 

Luigi Abete, the head of Italy's 
Industry Association, warned re- 
cently that there was a “real risk” 
of election turmoil that would 
make Italy “difficult to govern." 

A trudge through Taranto, a 
dty of hospitable people who 
readily invite visitors for a home- 
cooked meal and lots of the re- 
gion’s deep purple wine, offers a 
vista of economic distress. 

The walk begins in the old dty, 
an island of boarded-up dwell- 
ings and decaying palazzi, then 
runs across an iron bridge into 


Naples 

" 


v •; «■*«»*, 


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S./Sii 


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the new city, with its broken sew- 
er drains, trash bins piled high 
with uncollected garbage, and 
Stores struggling against reces- 
sion with midwinter sales of 50 to 
80 percent off. 

the steel null was flung up in 
the early 1 960s on olive groves 
near the city , a crash project of 
Rome's plans to revive the south. 

They built the plant big. in a 
prevailing spirit of gigantism that 
has more recently come into 
question. Its output is roughly S 
million metric tons of sted a year 
— Europe’s largest 
Labor leaders insist that Ta- 
ranto’s sted production costs are 
competitive. But expens who 
have seen the plant say that pro- 
ductivity is low and that acci- 
dents continue, with two people 
killed just this month when an 
oxygen line ruptured at the plant 
Ludovico Vico, a union leader, 
says he has no doubt that the shut- 
down of inefficient operations 
would eliminate at least 1300 of 
the 12,000 jobs at the mill 
Like the fortunes of Taranto 
itself, the IWa mill's rise and de- 
cline have been linked to national 
and regional politics. 

In the 19ib century, while 
northern Italy industrialized as 
part of the Austro- Hungarian 
empire, the south lrtrigmchwl un- 
der the haphazard rules of the 
Bourbon kings of Naples. 

Italy's unification in 1861 re- 
vived the south, with Taranto, for 
example, becoming headquarters 
for the Italian fleet's southern 
command and gaining thousands 


of jobs. In the 1930s, the Fascists’ 
military buildup brought another 
spurt of prosperity. 

When the decline of the naval 
base at war’s end revived un em- 
ployment. the idea for the sted 
mill was bom. In addition to jobs, 
it was thought the mill would fos- 
ter a modem industrial culture 
and many steel-related businesses. 

The idea was repeated across 
southern Italy. In Taranto, local 
businesses sprang up that relied 
on the steel mill to stay alive. 

Whenever politicians in Rome 
feared that lost jobs would trans- 
late into lost votes, they subsi- 
dized the blast furnaces, even af- 
ter the the coils and sheets they 
produced became unprofitable 
amid a general glut in Europe. 

From 1970 to 1980. (he number 
of steel jobs rose from 9.800 to 
21.700. 

But with all the major Western 
European economies stretched 
thin by recession, the 12-nation 
European Union has long since 
ordered Italy to stop propping up 
industrial dinosaurs like Taranto. 

A coalition of businessmen, 
politicians and Catholic Church 
leaders who believe a tough new 
policy is needed is emerging in 
southern Italy. 

Gianfranco Borghini. an eco- 
nomic policy-maker in Rome 
from the Democratic Party of the 
Left — formerly the Communists 
— said Taranto offered two les- 
sons: “First, too much help only 
does damage in the end. Also, 
what is required is less public and 
more private investment, to set 
local energies free.” 


Alimiiniim Surges to 18 -Month Highs 


Reuters 

LONDON — Ahnnmum prices surged to 18- 
month highs on Friday as traders took heart 
from fresh promises to cut production. 

These promises, economists and traders be- 
lieve, suggest flat a global agreement to reduce 
the flood of metal into the market really could 
work. 

Prices on the London Metal Exchange have 
risen almost 20 percent since January. On Fri- 
day the metal was priced at $1,331 a metric ton, 
a nse of S 17 and ttehigbert since August 1992. 

The rise buoyed the rest of the industrial 
Tronic an the exchange though those prices 
later edged off a little. 

Last month in Brussels major western and 
Russian producers agreed cuts were essential to 
bring the. world’s whimmwm surplus under con- 
trol 


Three European smelters this week an- 
nounced aluminum output cuis totaling 93,000 
tons a year, and Russian officials insisted they 
would uphold their end of the bargain. 

“I was skeptical until recently.” said Neil 
Buxton at Metal Bulletin Research, an industri- 
al news letter. “It now depends on Russia." 

A global recession and surging exports from 
Russ a, whose domestic ahnmnum market had 
collapsed along with the Soviet Union, led to a 
fast rise in stocks. 

The latest announcements have helped railm 
an anxious market It was hearing promises of 
cuts from several countries but little action in 
Western Europe, which had initially pledged to 
lake 300,000 tons out of the markeL 

The West's cuts now total around 737.000 
tons while Russia has said its cuts already top 
100,000 tons and should be up to 300,000 by the 
end of ApriL 



London : \ Pspis 

FTSE.100 Index; PAC 40 

35ffl— gfjrr m 

3300 — -4 — ;*>. .. 
•3a» ■ jl J -^rrh 


Exchange. index 


Amsterdam 

Srassete 

Frankfurt 

Frankfurt 

Helsinki 

London 

London 

Madrid 

Milan 

Paris 

Stockholm 

Vienna 

Zurich 

Sources: Reuters. 


AEX 

Stock Index 
PAX 
FAZ 
HEX-- 

Financial Times 30 
FTSE1GP 
General Index 
M1B 

CAC40 

Affeersvaeriden 
Stock Index 

SSS 


1964 1993 . 1994 

Friday Prav. . . % 
Close: ;. V. ' Close . ; Change 
42S.B6 432.91. -1^0 

. 7.752S9 : 7,71 OSS . *0.55 

2,15137 2,128.72- ■ +1.09 
82236 819.31 ■ ,-*043 

1,82803 T t ■842-50 -0.S5T 

2^0840 2.635.90 -ijT 

3,38280 3,425.30 -125. 

347.58 ~~ 34320' 1 VL27 
1,107.00 ~ 1,08800 ^2iT 
2,251.78 2281.18 -G2ST 

1,642.74 1857.33 -0:79 

49087 491.74 -0.18 

1.04&24 1,06051 -1.16 

Imemuranal Herald Tribute 


“If the West cuts output by one million ions 
and Russia cuts exports by 250,000 tons, it 
would put the market balance in a 400,000-ton 
deficit this year." Mr. Buxton said. 

Stocks at over 15 milli on tons in Lon- 
don Metal Exchange warehouses alone. “But in 
1995, if all cuts come through and remain in 
place there could be a deficit of 1.6 mil Hon 
tons," Mr. Buxton said. 

He warned, however, that higher prices 
caused by a large deficit may tempt some smelt- 
ers to reactivate idled capacity, going against 
the whole point of the current initiative. 

The al uminum market has also benefited this 
week from Japanese buying, as the firm yen 
gave the Japanese additional buying power, 
and a buOd-up in Chinese buying after their 
New Year celebrations. 


Very briefly; 

• Sweden's largest commercial television channel TV4, said it planned a 
public offering of 4 million shares, equal to 20 percent of its capital after 
dilution, at 100 kronor a share the station plans to be listed on 
Sweden's stock exchange early in ApriL 

• Protorp Forval tilings, a Swedish investment firm, sold its slake in Volvo 
AB. wonh 4.3 percent of the voting rights, for 900 million kronor. 

• Akzo NV, the Dutch chemical company, expects its profit to increase 
because winter storms in the United States spurred demand fa* road salt: 
Akzo is the largest producer of sail products in the United States. 

• Pina uh- Print emps. the French distribution company, plans to merge 
with its Croupe Redoute subsidiary via a public share exchange offer. 

• Spain's unemployment rate jumped to 23.9 percent during the last 
quarter of 1993. up from 22.9 percent in the third quarter, unemployment 
in January was 17.96 percent, up from 37.5 percent in December. 

• Statofi, Norway's state-tun oil company, and Neste Oy, its Finnish 
counterpart, won approval from the European Commission to merge 
their petrochemical businesses into a new venture called Borealis. 

• Kenya has reformed its foreign exchange regulations, allowing its 

citizens to open foreign currency accounts in the country’s commercial 
banks for the first time. Return, AFP. AP. AFX 


Paris Counterattacks on Plus 


PARIS — The French govern- 
ment, to sQence accusations 
of political meddling in the media, 
hit back Friday at die unseated 
chairman of the pay-television sta- 
tion Canal Plus, accusing him of 
megalomania and fatal pnde. 

Andrfc Rousselet, founder of Ca- 
nal Plus, quit Monday, accusing 
the conservative prime minister, 
Edouard Bafiadur, of packing the 
boards of major companies with 
hand-picked loyalists. 


Interior Minister Charles Pasqua 
and Communications Minister 
Alain Carignon fired broadsides at 
Mr. Rousselet on Friday, in what 
appeared a concerted drive to pro- 
tect Mr. Bafiadur. 

“I think he has become a bit of a 
megalomaniac.” Mr. Pasqua told 
Europe- 1 radio. 

Mr. Carignon said in a newspaper 
article: “It was the future that con- 
spired against Mr. Rousselet. And, 
in a certain sense, pride killed him.” 


NYSE 

Friday’s Closing 

Tables Include trie nationwide prices up to 
the closing on Wall Street and do.not reflect 
late trades etaewhere. Vte TheAssodata d Prees 

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NEW YORKi Exports of Services Expand as Production lines Shrink 


ContinBrd from Page 9 

IBM or Union Carbide once as- 
sured has disappeared, to be re- 
placed with frightening uncertain- 
ties. 

“Even more than the nation as a 
whole, this region is in the midst of 
its own very painful transition," 
said Steven B. Schlossstein. a busi- 
ness consultant and economist in 
Princeton, New Jersey. 

Painful is right. While much of 
the nation emerged from recession 
two to three years ago, New York, 
New Jersey and Connecticut re- 
mained. until very recently, in a 
stubborn slump. 

Even as the U.S. economy had 
regained all the 1.9 million jobs lost 
in the downturn and added neariy 2 
nrilHon more by the end of 1993. 
employment in metropolitan New 
Yen is suB down 800,000 from its 
1989 peak of 8.1 million. 

Today, the regional economy is 
finally on the mend. Yet at best. 


economists ay. the New York ur- 
ban conglomeration wifi not regain 
all its lost jobs until the end of the 
decade. High taxes and heavy oper- 
ating costs, together with conges- 
tion. crime and other urban ills, 
will continue to hobble the region. 

Regional assets, in many cases, 
have become liabilities. Job gains 
will be retarded by New York's 
heavy dependence on the mam- 
moth corporations now slashing 
their work forces for greater pro- 
ductivity and competitiveness. 

AT&T, Xerox. Nynex and Pfizer 
are only the latest And prosperity 
on Wall Street no longer automati- 
cally translates into a stronger job 
market. 

“New York City has held up well 
as a world financial market.’’ 
Charles R. Morris, a business con- 
sultant and analyst, wrote in City 
Journal the quarterly publication 
Of the Manhat tan Institute. “Bull 
because of the increased automa- , 
lion of the industry, this does not 


portend continued high levels of 
employment and office-space con- 
sumption by the city’s financial ser- 
vices sector.” 

New York's greatest promise 
rests on the region's increasingly 
dose economic ties to the rest of 
the world. 

Its leading urban competitors 
are no longer so much Chicago, 
Miami and Houston as London 
and Tokyo. Financial-service firms 
here, for instance, have long been 
active globally. 

Today, such services, along with 
a wide range of business and pro- 
fessional activities, are among the 
country's fastest growing exports. 

So, too, are entertainment prod- 
ucts, from MTV to the National 
Basketball Association, which are 
headquartered here. And so are 
some of the high-quality, custom- 


ized goods still produced locally: 
jet engines, high fashion, specialty 
chemicals, industrial electronics. 

And back on Hudson Street in 
lower Manhattan, Trans Image’s 
Ms. Sole is starting to fed at borne. 

Ms. Sole, who is 35 and speaks 
seven languages, co-founded the 
international communications and 
translation firm in 1990 just as the 
recession was in full fury. It has 
prospered nonetheless. 

Transimage mirrors New York’s 
diversity, its central staff of 16 
come from all over the worid. Most 
of its corporate clients, such as 
Time Warner and American Ex- 
press, are headquartered here and 
looking overseas to expand. 

“New York," Ms. Sole said, “is 
the only truly cosmopolitan city in 
the U.S. We couldn’t have built this 
business anywhere else in the 
world." 


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ASIA/PACIFIC 


Sega’s Hopes 

ier 





Compiled bp 0ir Staff Fran Dispatches 

t ,T^ Y 9 ~ Sega Tauaprisra 
L"L» m a sharp reversal of eroecta- 
tums, predicted on Friday that Jts 
annoal profit woold dn» for the 
first time in 12 years. 

Sega, which vies with Nintendo 
Ltd. for world leadership in video 
games and software, made the 
statement in a revision, of hs esti- 
mates for sales and earnings for the 
financial year ending March 31. 

The company Warned recession in 
Europe, a market whan k has eo- 
joyed particnlariy stiraigjrofit mar- 
gins, and the rise of die yen, which 
reduces profit earned abroad when 


fall about 20 percent from a year 
earKiae, Sega said. 

. ... Overall, Sega’s five European 
umts are likely to incur a combined 
pretax loss of close to 20 billion yen 
m the year, the company said. 


Sega said it now expected parent 
company pretax profit for the year 
would be around 42 trillion yen, 
down 24 percent from 55.02 MEon 
a year eadier and well below last 
November’s estimate of 5730 bil- 
lion yen. 


Parent company revenue in 
1993-94 is likely to be around 350 


billion yen, down from a Novem- 
ber forecast of 380 billion, but op 
slightly from an actual 346.94 bfl- 
bon tbe year before, Sega said. 


also l x squeezed by tough price 
competition in die United States 
and. by rising depredation after 
heavy investment on game centers. 

fridusuy^sourccs said (hat de- 
ntil® aE this gloom, Soft's profit 
was expected to recover in 1994-95 
beca u se of thrmp parks planned - in 
Japan and abroad, and launches of 

new video game models. 

Sega plans to introduce home- 
use nmmmwtia video game equip- 
ment using 32-bn mkxoprocessiiig 
units, an improvem ent over the 
; current 16-bit technology, in Japan 
in November the name ^Sat- 
urn." The company will launch the 
equipment in the United States by 
die end cf 1994, a spokesman said. 

• (AFX, AP, Reuters, Bloomberg) 

■ AkaFs Loss Deepens 

Akai Electric Co, also 


cent on the Tokyo exchanged to 
dose at 7,820 yen a share. ' 

In reducing its estimates, Sega 
said European sales during the all- 
important Christmas period had 
fallen below expectations. 

For tbe enriro year to March 31, 
exports to Europe are expected to 


recession in Europe and the 
yen, said Friday that it suffered” a 


group pretax loss ctf 4.73 billion ym 
m the year to last Nov. 30, com- 
pared with a 521 million yen loss 
the previous year. 

The company forecast its loss 
would shrink to 1 hflEan yen in the 
current year. ■ 


Infomercialsfor China 

Multinationals Aim at a Vast Audience 


Room 

BEUTNG — When a Chmc^ American pro- 
moter offered 10 urinates of unfettered and virtual- 
ly free air time to a television audience of up to a 
quarter billion Chinese, Philip Morris executives 
jumped into action. 

“We saw this as a chance for very broad expo- 
sure to our products,” said Donald Harris, a vice 
president who oversees the conglomerate's ciga- 
rette, beer and food promotions m Aria. 

The result might best be called China's first 
“infomercials” —those ads that are dressed up as 
public affairs slum and are a fixture of American 
late-night television. 

In a marketing coup, the ID-minute shows 
filmed and financed by nrihp Morris Cos. and six 
other Americas companies appear on the world’s 
biggest public TV network not as product promo- 
tions but as “corporate profiles” on a news show. 
. “This is not ready a Marlboro commercial.” Mr. 
Harris said at ceremony late in January that kicked 
off the series at Beijing's Great Hall of the People. 

“Bert it is about all of the products Philip Morris 
makes, the kind of work we do around the world, 
along with a bit about our management and corpo- 
rate philosophy,” he said. 

- Slick offerings in Chinese featuri ng General 
Motors Corp., PepsiCo Intx, Goodyear Tire Co., 
Wal-Mart Stores Ino, American Telephone & 
Telegraph Co. and Wall Disney Co. fill out the 
first batch of profiles. TVeaty-two other compa- 
nies are filming their own profiles. 

The profiles are hard to define: Neither advertise- 
ments nor documentaries, they feature company 
workers discusring what they say are woorld-class 
products that management hopes to seB in C&na. 

John Feenie, chief of Disney Aria, said he was 
thrilled to have what he called a Gtina-wide show- 


seen as a commercial gold mine. The cash-starved 
government is eagerly exploiting its increasingly 
lucrative monopoly. 

Commercial ads on television and radio now give 
many peasants their first glimpse of China's nascent 
middle class with its luxurious homes, cars, p»»h% 
phones and S200-a-boule French cognac. 

One roaring success is Beijing Television’s “TV 

Shopping” show in which state reporters vesture 


*We saw this as a chance for 
very broad exposure to our 
products/ 

Donald Harris, a Philip Morris Tree 
president 


from store to store, breathlessly extolling products 
in exchange for hefty fees. 

Viewers are still subjected to rightly censored 
news broadcasts and plenty of sermonizing social- 
ist morality tales. But they also enjoy an ever- wider 
choice of programs. 

Robot Wang, a Chinese- Amoican entrepreneur, 
persuaded stale-run China Central Television to air 
the company profiles on its “Economics Half Hour," 
which co mm ands a loyal audience of 80 million and 
can reach as many as 250 millioa consumers. 

Mr. Wang, whose Yellow Line media consultan- 
cy has an exclusive contract to produce the pro- 
grams, sees the arrangement as a potentially profit- 
able foot in China's door. 


case for Disney’s products and services. 

novel Western corporate access to China’s 


This novel _ 

airwaves is a measure of how much tbe media have 
changed in 15 years rtf market-building reforms. 
Once the exclusive domain of propagandists, tele- 
vision and radio with their vast audiences are now 


“Media is very, very important in China. It’s so 
sensitive. Everything is under tight party control 
and you have to find a way in," he said. “Whoever 
has this inner channel is the one who wfll profit" 
The deal is also beneficial for China Central 
Television, which like most other state organs is 
being weaned from decades of state subsidies. 


IiWeigns 
A Spin-off 
In China 


Bloomberg Busmen News 

HONG KONG - Cheung 
Kong (Holdings) Ltd, flagship of 
the Hong Kong tycoon Li Ka- 
shing , said Friday that it could spin 
off its Qiina operations in the fu- 
ture but bad no plan to do so now. 


stock exchange, Cheung Kong saic 
there was “no immediate plan” to 
float the China business, a possibil- 
ity that Mr. U mentioned to report- 
ers at a reception on Thursday. 

Cheung Kong’s stock rose 75 
Hong Kong cents to dose at 44.75 
dollars (55.79) a share Friday. Tbe 
shares of a subsidiary, Hutchison 
Whampoa Lid, gained 25 cents to 
3625 dollars. 

Market analysis said a separate 
listing of Cheung Kong's China op- 
erations would spread the risks ans- 
ing from the substantial cost of 
some of the group’s plans for China. 

“It will spin off its China opera- 
tions sooner or later to enhance its 
further growth," said Daiman Dai, 
research analyst at Nikko Securi- 
ties. “Some erf its China infrastruc- 
ture projects such as container 
ports and power plants involve 
quite a big sum of money." 

Cheung Kong, winch is one of the 
largest land developers in Hong 
Kong and has equity stakes in matty 
pubttdy traded companies, is in- 
volved in real estate and power plant 
development in China. Hutchison 
Whampoa, its subsidiary, has major 
container port in vestments there. 

Analysts said the port operations 
were highly attractive to investors 
who expeci rapid growth in China's 
container-based hade. 


Investor’s Asia 


Hong Kong 
Hang Seng 

13000 


• Strafts Tiroes 
J 2500- 


Tokyo 
Nftkei 225.. 



vainrTf 
tm . 

index 


Exchange 


Hang Seng 


Singapore 

Straits Times. 

.2,33427 2*343.01 ■ >0.37 

Sydney 

A9 Ordinaries 

222320 *2^10^0 • -0.79 

Tokyo 

Nikkei 225 


[ Kuafo Lumpur Composite 

1,086.73 -1,072. ff 

Bangkok 

SET 

1/1K.08 t.445^0 *0.75 

Seoul 

' Composite Stock 

92555 • . 92038 V 

Taipei ‘ 

Weighted Price 

5^4W7; 5A».4S . 

Manila 

Composite 

3,051.71 . 3^.74 >*0.45 

. Jakarta 

Stock Index 

'\5646? ' V 

New Zealand 

NZS&40 

2^84.17 .2^24it 

Bombay 

National index 

~CmM 1382.16'.. ^'.70 %i 

Sources: Reuters, AFP 

Imcraaiionxl Hcnid Trfonne 

Very briefly: 



Unchanged Despite U.S. 


Bloomberg Business News 

HONGKONG— The He 
Kong Association of Banks: 
Friday it had decided to leave 
deposit rates and the colony’s 
prime lending rate unchanged. 

Financial markets in the ter- 
ritory have been shaken in. the 
last two weeks by concern that 
rates would fofiow US. rates 
upward, in order to keep the 


Hon g Kong dollar near its _ 
to tbe TUS. dollar. On Feb; 
the US* Federal Reserve raised 
the rate an overnight interbank 
loans by a quarter of a percent- 
age pomt to &25 percept 
But Paul Sdway-Swift, chair- 
man of the banking cartel, said 
Friday that h was in every- 
body's best interest to adopt a 
wait-and-see attitude; 


Taiwan Aero Starts Over With New Chief 


CampUedby Ota- Staff From Dispatches 

TAIPEI — Taiwan Aerospace 
Corp. on Friday picked its third. 
riiairnum fir three years, and he 
said he hoped to revive a mneh- 
ddaved coproduction deal with 
British Aerospace PLC 
- Jack SunTao-tsnn, president of 
Pacific Electric Wire & Cable Co^ 
was elected at a meeting of Taiwan 
Aerospace's board. 

Mr. Sun’s election comes after 
the government last month ordered 
a new devdopmmt plan for the 
aerospace industry he drawn op. 

Pacific Electric has a 5 percent 


stake in Taiwan Aerospace, a 29 
patent government-owned compa- 
ny that was set up in 1991 to spear- 
head Taiwan’s efforts to develop an 
aerosp a ce company with annual 
revenue of 56 button by 2000. 


Sun suggested Friday that Bodng 
ideaL 


Tbe company has been involved 
in high-profile talks to form joint 
ventures with McDonnell Douglas 
Cmp. and British Aerospace, but 
no Final agreements were readied. 

The Taiwan company is still try- 
ing to get a venture with British 
Aerospace to produce regional pas- 
senger jets off the ground, and Mr. 


Co. be added to the 

Talks with the British company 
stalled in November after a dilute 
arose about technology transfer. 

“We have not given up hope on 
the deal with British Aerospace," 
Mr. Sun said. 

He said Taiwan Aerospace 
‘would work with the military-ron 
Aero Industry Development Cra- 
ter, which is to be converted to a 
siaie-nm company, to develop Tai- 
wan's aviation industry. 

Recent reports have suggested 
that tbe military aerospace center 


was considering working with In- 
donesia to produce ci vilian aircraft. 

Mr. Sun, 44, has transformed Pa- 
cific into a diversified conglomer- 
ate through varied investments, an- 
alysts said. 

Pacific Electric Wire & Cable 
finalized an agreement last month 
to take a 5 percent stake in a wire- 
less global telephone network being 
organized by Motorola Inc. 

Mr. Sun wfi] keep his post with 
Pacific Electric. He replaces Earle 
Ho, who resigned for health rea- 

SOnS ‘ ( Bloomberg, AFP) 


• MetaDgeseDschaft AG pledged to continue construction of a $600 
million copper smelter project in Indonesia in spite of the company's 
financial difficulties, the OPEC News Agency said. 

■ Tokyo Electric Power Co-’s senior' debt rating was downgraded by 
Standard & Pom's Asia LttL, reflecting erosion of its financial structure; 
the downgrading affects S38 billion erf debt of Japan's largest electric 
power company. 

■ KDD Submarine Cable Systems Inc. of Japan made a joint bid with 
American Telephone & Telegraph Co. for construction of a new optical 
fiber cable between Britain and Japan. 

• Fuji Bank Ltd. of Japan has opened its first representative office in 
.Vietnam, in Ho Chi Mmh City. 

» Guangdong Development Fund LtrL, which will channel investment into 
China's Guangdong province, will raise up to $100 million through an 
initial share offering and will be quoted on the London exchange. 

• Australian unions called off waterfront strikes in all ports except Sydney 
after a government-brokered agreement was reached with management 

Reuters, Bloomberg, AFP, AP 


China’s Zhu to Visit Japan 


Bloomberg Business A lews 

BEIJING — Zhu Rongji, Chi- 
na's deputy prime minister and 
economics czar, will pay a nine-day 
visit to Japan starting Wednesday, 
tbe Foreign Ministry announced. 

“The visit’s main goal is to ex- 
change opinions," a spokesman 
said this week, and no agreements 
will be signed. 


Mr. Zhu has overseen a sweeping 
program of financial reforms this 
year. 

Last year Japan was China's larg- 
est trading partner. Chinese statis- 
tics show that in tbe first 11 months 
of 1993 Chinese exports to Japan 
grew 31.6 percent to $1329 billion. 
Japan’s exports to China surged 722 
percent to $19.33 bfltton. 


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appreciate and reciprocate love, loyalty falthlulness. 
confidence and Integrity; perfectly bilingual. English-French 
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gentleman of Middle Eastern descent, rather westernized, 
more like the cosmopolitan, ■yuppie' type. He lives G works 
in an international setting: speaks four languages: is single & 
has always been so. He is waiting for you. and looking 
forward to welcoming you info his life, and Into his home — 
his own. magnificent lakefrom apartment in the elegant 
leson town of Montreux. situated on the shores of Lake 
Liman in the beautiful Swiss Riviera Pfease write me to this 
address: Poste Restaate, R-3070034, Mont-Blanc, 1211 
Geneva, Switzerlaad. You never know* That letter could 
danee your life - and mine - 'For Better w for Worse 1 . Ill be 
delighted to hear from you. and look forward to meeting 
YOU. DREAMBOY 























'1 


FIRST COLUMN == 


Hong Kong 
Beckons to 


Risk Seekers 


D O your pancakes taste better if you 
eat breakfast on the edge of a 
precipice? If you believe that dan- 
ger heightens pleasure a leisurely 
meal by the side of an abyss might well 
appeaL And if you’re an investor, the 
chances are that you find the Hong Kong 
stock market particularly thrilling right now. 
m-_ — for investors m 


When the Financiers Make Money, It’s Good for Markets 


By Martin Baker 


IDOL UMlLCt ya* uvuiim mj “ — o - d — 

The central difficulty for investors m 
Hong Kong itself — and those who use the 


now, ivuug ilx#u — . . — 

naiket as a means of entry into the Chinese 
sconomy — is the fundamental ambivalence 
jf just about everything relating to China. 
Some say Hong Kong is on the edge of a 
nasty shock in 1997 (which, when percewai 
tjy the market, will result in mayhem). Oth- 
sre argue that the abyss is a creature of the 
collective imaginations of the weak and the 
rearful. 

The only certainty about China is that 
nothing is certain. Take the issue of “B 
shares, the stock designated for foreigner 
investors in Chinese companies. There is a 
profound difference of opinion among inter- 
national investors as to whether this stock 
should trade at a premium or a discount to 
domestically available shares. Fearing ma- 
nipulation, many investors stayed out of the 
B share market 


A ND then there is the issue of 
whether there should be different 
classes of shares at all. Reports 
from China this week, citing Li 
Yining, a leading figure in the Chinese secu- 
rities market, indicate that he has called for 
“A” shares to be made available to interna- 
tional investors. But then, he has already 

cafled for B shares to be available to domes- 
tic investors, with no discernible result. 

The differences between two classes of 
Chinese share may seem to be among the 
more arcane topics of international mvest- 


nore arcane uupua ui “ — ■ 

neat. Maybe, but the decision on issues such 
is this wfll provide an indication as to the 


p*! mu mu j/iv * »«»■ — — — 

real attitude of the Chinese government to- 
ward free movement of capital 
It will, ultimately and most importantly, 
shed light on the question of whether Hong 
Kong investors, who are feasting so sumptu- 
ously right now, are doing so next to a 
wnol 


shall ow hole or a crevasse. 


MJB. 


H OW much money is there in making 
money? The answer to that ques- 
tion depends on a complex combi- 
nation of factors, many of which 
are in an acute slate of flux. Banking, insurance, 
credit and investment management slocks are 
particularly sensitive to changes in interest 
rates, shifts in monetary and fiscal policy, the 
encouragement (or otherwise) of free trade, and 
ever-changing consumer spending patterns. 

And this week, with a lowering of German rates 

and uneasiness over a possible trade war be- 
tween Japan and the United States, has given 
them plenty of fresh material to digest. 

In a very narrow sense, some analysts view 
the financial sector as a microcosm of the 
world’s markets themselves. The logic runs that 
if those closest to the market are making mon- 
ey, that is a sign that the markets themselves are 
in good health. 

Mutual funds that invest in financial stocks 
offer international investors the chance to gain 

exposure to a wide variety of differing financial 

companies that are basal in many different 
countries. A corollary of this is that these com- 
panies receive income in many different curren- 
cies, which provides dollar investors with an 
automatic currency hedge. 

The returns from mutual funds show that the 
financial sector has indeed participated in the 
bull runs in the world's major markets. Accord- 
tag to the global economics and fund invest- 
ment momiormg firm, Mkropal, the average 
return of financially invested funds (from Jar 
pan, the United Slates and the United King- 
dom) was 26.31 percent over one year, 5826 
percent over three years, and 69.63 percent over 
five years Tor dollar investors. 

The financial sub-index of the Trib Index, 
which is made up of the most heavily capital- 
ized financial services stocks from the leading 
25 world stock markets, outperformed the mu- 
tual funds, however. The Trib Index" financial 

component was up 41.44 percent on the year to 

the beginning of February. 

But however benign the climate may have 
been for financial companies recently, it must 
be remembered that these corporations do not 
do not manag e themselves. Some are inevitably 
better run than others and are quicker to adapt 
to, and profit from cha ngin g economic back- 
grounds. 

Rants in many countries, for example, have 
made a poor job of what is supposed to be 
among their prime functions— lending money. 

“If you show the banking industry worldwide 
an opportunity to lose money by lending, it will 
usually lake it,” said Julian St Lawrence, man- 



'riiaiwWjBttf He«W THww 


Source: MHcrapal; Bloomberg 


ager of Framltagton Unit Management LtiL's 
financial fund. 

“1 think we can expect U.K. interest rates to 
firm over the longer term, and that’s naturally a 
bad thing," said Chris Jeffrey, the investment 
ffianag w of Edinburgh Fund Mangers’ Finan- 
cial Fund. "But I don’t drink —at least I hope 

{he h anks can make such a UKSS of their 

lending policy when interest rates are high 
again a s they did the first time round." 

That criticism will certainly have a f ami l i ar 
ring to French and American earn. 

The best-performing fund over one year is 
managed by Edinburgh-based firm. Capital 
House. U.K--based funds have been helped by 
the strength of the UJt. pound against the 
dollar over the past year. The strongest effect 
has been seen in those funds that have invested 
in UJt, companies, thus diminishing their cur- 
rency exposure. 

Christopher Bomford, the m an ager of the 


Financial Stocks 


and :ihkfiiandab arc itgficlieBL and‘‘that 

invert was aroraidthrce yeara ago. . 




% 




f * 
H* 


Page 15 . , „ , 

European insurers’ Jow nsk bonds 


Page 16 

Banking on U.S. banks 

U.K. financial sector stock selections 


Page 17 
Risk-rated banks 
German banking stocks 
Funds stumbling in India 



The Framltagton ftmdhas a UJt-wrifcjhting 
of just 16 percent, which together wid^what. 
Mi. St Lawrence describes -as a fiat perfor- 
mance from a 45 pooeart^weigjitnig « V* 
stock (predominantly tanks), ha? bdpedao- 
count for a relatively motet one year perfor- 
mance. ; • 


time to hjtoji nw •**.»«— ~ — . - v 

Over ibree years ^ 
rankrngi Analysts, sot foayfej 8 
Emm thcrefonn of the frStenirinpyst^l^ 
VS rates which Ml consistently until tins 
S»!h. indite Ml M* 1 » 

United Stales. 


CH fund, explained that it was entirely invested 
in UJt stocks, with a “fairiy heavy investment 
in interest rate-sensitive slimes.” 

Among the other top performers over one 
year, the Edinburgh Fund Managers fund is 
relatively strong m the United Ki ng d om with 
61 percent of assets there. The next biggest 


Fidelity has pul in creditable performances 
with its financial funds, pa rti cula rl y its SefccT^ 
Brokerage vehicle. Bm aaxsdihg to a Fidelity 
spokeswoman hi Boston the manager of die 



i HE tansaisus view among managers 
is that the cycle taentocmg a testing 
. phase for financials. “In the longer 

tern we are going tohave to he much 

nKtreseicctive about which areas of the market 
spokeswoman m Boston me manager w t«? we 
Sdtasjust been changed, and the firm there- . meaLffyapsxd 

£<tadLd ttaperforo^ is 

of its fund. ^ y >wyw_{ i[yi V i^i^ro osiderable. Jvtimy fnnd nm i ^ c oo^ 

fund group, Save & Prosper, argnes thaa ' ’ -wtarih thw measure perforintaice. An d exa m - 

torn should take a long view onfin anaa l s fafcto. ©f dte pdfmmmce off their financial 

— certainly longer than dob year. Index* finanh 

dalsovices compooeatdiows tbatThey fail to 
tadesf top. In other words. 




Small Investor. 


as 


T HE story is the same, only the facts 
are different: The small investor 
loses out a ff tin. That is the view of 
one New York analyst, who insist- 
ed on anonymity, on finan cial sector stocks. 
His concern is not that small investors are 
losing out on quoted shares, but that the most 
profitable sectors of the financial industry 
aren't quoted, and so effectively exclude the 
small investor. 

“Take a look at the people who are really 
making money today — the fund managers, 
the derivatives gurus,” the analyst 


“They are taking up to 20 percent of ibdr 
clients’ profits in these raging bull markets. 
And can you buy any of that action? Can you 
even buy into the funds? No.” 

Chris Poll chairman of the econom ics an d 
fund investment research company Mkropal, 
says that he classifies derivatives funds “not 
by investment objective, since they vary so 
much — they are best categorized by 
charges.” 

Mr. Poll contends that the fee structure rs a 
question for the individual investor to per- 
sonally assess. “Investors are being asked to 


pay a charge that’s related to performance.^ 
res an issue that needs tobeexamtafid jn tta : 
ti gh t of that performance.” v 
Hedged and derivative finds (thevt$sm$^ 
overlap somewhat) are expected by tapnstiy^ 
dbserves tomdtquyover the next few years. 
Many of the managers of these fimd»:ta^ 
become extremely nch as a consequence of 
being able to levy performance-related 

■ nrtl .v “ ■ * - - _*n> Aiafd^cdlkMi 


these, small managers have , be ctgpe^ ofe, 
eiwwigh to seek a puUk share effatag? ■ 

MJv, 


fttat 1 unw rrr* — - ~ — y •• 

"evea^wben they tarT investing m themselves, 
- *' xs fail to. heat the index. . 

TteTHateEfc of reducing nst by 


;V^vSco^ffmd : hasheen gpmg vsro* 

: ~ y of £ave& Prosper. “K* . 

■^^Investments means- 
^^Bsrwdrid; ami even though 
wtadr has already, tinned a 
■ way stray to be told 






Mceunffeker . 


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;* • _ jjj Source: Bloomberg 


iMcnuuaoal HnuU Tribune 


e’s Insurers 


By AtbeSoffivan 


W 


rmiN the next-few months the 
French government win sell its 
majority stake in the fla g sh i p of 
the French insurance -mariwf 


Union (fes, Assurances do Fans. Who win buy? 

Just about everybody is the answer that the 
■government would Eke to hear. Share alloca- 
tions have been largely restricted to French 
investors, but UAP is just too big far the 
govcmmeal to take a xenophobic atwnA»- Thr. 
company ranks as Europe's second- biggest in- : 
sorer after Germany's Albany its saletsUkdy 
to stimulate investor interest in the European 
insurance sector as a whole. 

- It is a sector that has passed through some 
tough times in recent years. A series of Europe^ 
an Union dir e ct iv es dwri gnari to liberalize the 


Michael Whedhoosc, insurance analyst at 
Nomura Research in London, is also bearish on 
the sectcc. “We won’t see better underwriting 
results corning through until 1995 and yet we 
are not likely to see any more big cuts in interest 
rates; It won’t be a very good year. 1 ' This view 
reflects the analytical consensus that the out- 
look for British insurers is relatively flaL 
Analysts dso argue that most of the good 
news in -the European insurance sector has 
already been discounted. Bat the French gov- 
ernment's need to stoke up demand for its tong 
list of privatization issues may offer investors 
some tempting opportunities. 

. Robert Tann, continental European insur- 
ance analyst at the brokerage Credit Suisse 


“Insurance stocks were heavily driven by net 
asset appreciation last year," Mr. Dawson said. 
‘Tins year there wifi be a nmch lower return on 
assets except in Italy where Assiarrazioni Gen- 
erali and Rhimcme Adriatica di Sicurta should 
do wdL So we have lo look at earnings growth 
or anomali es in valuations.” 


A RECENT ruling by the U.K- trade 
ministry gives British mutual in- 
surers an opportunity to raise ad- 
ditional capital through bond is- 
sues — also known as subordinated Joans — 
which are similar in principle to the surplus 
notes issued by American mutual insurance 
companies. 

“In the past, cash-strapped mutual insurers 
had 10 rely on investment returns to fund 
growth.” said a spokesman for the Associa- 
tion of British Insurers. “This new ruling 
brings mutual insurers into line with U.K. 
building societies, which have been able to 
raise capital through permanent interest 
bearing shares for some time now." 

To date, only one British mutual insurer — 
Scottish Amicable — has taken advantage of 
the new facility. The Scot Am bond, which is 
managed by the merchant banker Kkinwon 


"Likely investors in insurance bonds in- 
dude other insurance companies, pension 
funds and sophisticated private investors 
said Paul GaJpin, director of Standard & 


Poor’s European insurance ratings service. 
“Provided insurance bonds offer a fairly high 
margin ova gilts then the trade-off between 
risk and return would appear to be fairly 
good." 


Philip G. Scott, life and pensions manager 
for British insurer, Norwich Union, said that 
while his company will not soon be issuing a 
bond, he believes that they' represent a good 
investment opportunity for corporate and 
private diems. “There is an element of risk as 
the interests of bond issuers would be subor- 
dinated to the interests of policyholders and 
other creditors if the insurance company col- 


lapsed.” he said. “The issuer also has the right 
to defer interest payments at any time if its 
solvency margins reach unnaccep table levels. 
But, generally, the risk is significantly less 
than with corporate bond issues." 

Nevertheless, a handful of mutual insurers 
have expressed some reservations. John Hy- 
lands. marketing general manager at Stan- 
dard Life, says, “while we would not rule out 
the possibility of raising capital through bond 
issues we do not feel that ti would be in the 
interests of the policyholders. The cost of 
raising money in this way could outweigh the 
benefits to our members.” 

As with all new ideas, insurance bonds will 
lake time to catch on. American mutual in- 
surers such as. Prudential Insurance, Metro- 
politan Life. New York life Insurance and 
Scottish Amicable in Britain have led the 
way, and analysts predict that others will 
follow, especially once the European third 
life Insurance directive, which allows mutuals 
to raise money in tins way, is implemented in 
other European countries. 


BRIEFCASE 


Mr. Dawson is advising cheats lo buy shares 
in the Dutch companies Aegon. Amev and 
International Nederianden Groep, all of which 
are cheap relative to the sector and should show 
strong earnings this year. Mapfre of Spain is 


Investors! Put Your Faith 
Not In Man but In Machines 


Scudder Stevens Proposes 
Way to Invest In Argentina 


rititm in certain markets, particularly for mgs- 
scale industrial risks. Mat recently, plunging 
real estate values have damaged those insurers 
with substantial banking interests. 

: But insurers are often prized more for their 
m v tt tm an ts than for thc fluaKty of thdr nndcp- 
-writing- Shares in many European insurers rose 
sharply last year, driven higher by investors 
eager to take advantage of ^ economic recovery 
heralded by interest rate cuts. Many analysts 
now think the gains have been exaggerated: 


National markets will 
converge modi faster than 
most insurers expect, 
giving those companies that 
have established a true 
pan-European presence a 
major advantage. 


Angus Rumanian, insurance analyst at the 
JLoadon stocibrokeragp Barclays de Zoete 
■Wedd, expects problems this year as European 
insurers compete far market share by catting 
premium rates. Only Europe’s strangest com- 
panies, such as Munich Reassurance and Swiss 
'Reinsurance, stand to benefit from this fracas, 
-be said. 


.! “Shareholders wilt be called on to 


‘thiswar of attrition," said Me Rnmaroan/The 
festructuringof bafanoe sheets that we saw fast 
year as insurers revalued their pro pe rt y and 
equity holdings phis the plethora of capital 
•mcreasea that we anticipate in 1994 will only 


’eracerirate the situation. 


First Boston in London, predicted that the 
privatization of UAP and possibly Assurances 
Gfnferales de Ranee; or AGF, and any initial 
public offerings win be the best way for pro- 
spective investors to participate in the sector 
this year. Gtofirale <T Assurances Nationales, or 
GAN, was also bring tooted by industry ana- 
lysts as- a good means of eaCry.tnto the sector. 

“Mrist of the big insurance stocks are unlike- 
ly to outperform; the market indices over the 
next 12 months although they may beworth- 
. while longer term,” raid Mr. Tann. 

- . . Other analysts are marc optimistic about the 
sector as a whole. T5m Dawson, insurance ana- 
lyst at Sheraon Lehman in London, described 
himself as “selectively bullish” about the insur- 
ance industry. - . 


its Latin America operations, he said. 

Pension reform should prove another boon, 
analysts said. European governments are con- 
fronting are mdrling the problems of their 
mounting deficits and aging populations by 
encouraging reliance on private rather than 
state pension. That is good news for companies 
with established Itfe insurance operations, such 
as Prudential, Guardian Royal Exchange, Sun 
Alliance and Royal Insurance of Britain, Vital 
of Norway, Mapfre and Aegon. 

Another consideration is currency exposure. 
Nomura’s Mr. Whedhouse is advising clients to 
buy shares in France’s Axa, Sweden’s Skandia 
and the Swiss companies because they derive 
sfamhle proportions of their earnings in dollars, 
a currency he expects to appreciate tins year. 

Mr. Wnedhouse argued that remarkably few 
European insurers are ready for the single Eu- 
ropean marke t. National markets wiQ converge 
winch faster than most insurers expect, giving 
those companies that have established a true 
pan-European presence a major advantage. 
Among the companies possessing such a pres- 
ence are UAP and the Swiss giants Zurich and 
Winterthur, he said. 

In July tins year, the last of Europe’s insur- 
ance premi u m tariffs wifi be dismantled when 
the ELTs third life and non life insurance direc- 
tives come into force. For many companies, this 
is likely to herald an era of brightened competi- 
tion and narrower profit margins. For those few 
companies able to bestride the continent with 
ease, it may just prove a bonanza. 


Mao versus machine? No contest, according 
to ED.&F. Man Funds Division, which is 
launching a new guaranteed derivatives fund 
aimed at international investors. Mint Plus 
Guaranteed 2003 Ltd. entrusts its trading deci- 
sions entirely to the mephanimri mind. 

The fund should be viewed as a true hedge 
fund, according to Mint's chief investment 
strategist. Peter Matthews. But. he added: “Un- 
like other hedge funds, however, the portfolio is 
constructed entirely by tested computer-based 
rules, hence providing a discipline and consis- 
tency not found in other products which rely on 
die discretionary judgment of the managers. 
The computer-driven model also has the advan- 
tage of being able to track all of the markets 
simultaneously, always aware of and able to 
react to changes in value, trend and risk levels." 

The firm say s it hopes to achieve “substantial 
medium-term capital appreciation," by invest- 


No doubt about it emerging markets are 


getting a big push from Western fund groups. 
The latest is U.S. investment manag er Scudder, 


Stevens & Dark, which is launching a new issue 
of shares in its Argentine-invested closed-end 
fund. The Argentinian Fund Inc. 

The fund is currently listed on the New York 
Stock Exchange and has assets of about S90 
million. The manager has filed a registration 
statement with the Securities and Exchange 
Commission for a listing of a further 4 million 
shares, three-quarters of which will be offered 
in North and South America. The rest of the 
shares will be offered to international investors. 

Subject to regulatory clearance, the new 
tranche is expected to be offered for sale in 
March. 


a large number of companies with products at a 
relatively advanced, and therefore less risky, 
stage of development," said Jeremy Curnock 
Cook, a director of Rothschild Asset Manage- 
ment. 

“The final few years before the launch of a 
product often require the highest development 
expenditure and hence there are a number of 


there are a n 


opportunities in this area. 

For more information call Rothschild Asset 
Managemen t in London at (44 71) 280-5000. 


U.K. Fund Manager Finds 
Side Door to Private Firms 


mg in a wide spread of equity markets, stock 
indexes, interest rate instruments, interbank 
foreign e xchange forwrrds and commodity fu- 
tures. 

The fund seeks to raise $20 milli on, and the 
minimum individual investment is $30,000. 
Charges are "complicated,” according to the 
firm, which suggests that investors investigate 
the structure for themselves. In outline, inves- 
tors pay managers an incentive fee of 15 per- 
cent of Eftiny, once they have attain ed a certain 
leveL 

F rvAF Man advises on investment for 
more than $ 1 2 billion of assets, and has offices 
in 42 countries. For more information, call 
ED.&F. Man in London at (44 71) 285-3200. 


Spread Around Biotech Risk 
Through a Rothschild Trust 


Biotechnology stocks are not as fashionable 
as they once were, but still attract plenty of 
interest. A new fund will be available in April to 
enable international investors to tap that mar- 
ket, with the launch of Rothschild Asset Man- 
agement’s International Biotechnology Trust. 
The managers aim to provide investors with 
long-term capital growth by investing in the 
biotechnology sector worldwide. The fund’s 
strategy wifi be to invest in companies ap- 
proaching an initial public share offering, or 
who have recently been listed. 

“The rapid growth of the biotechnology in- 
dustry in recent yearn means that there are now 


U.FL fund manager Foreign & Colonial Ven- 
tures is offering investors a side door into 
equity risk investment. The management firm Is 
launching a closed-end mutual fund that will 
invest in private [unquoted] companies, which 
the firm believes are often valued at a signifi- 
cant discount to comparable quoted compa- 
nies. 

For more information, call London (44 71) 
782 9829. 


Correction: 
MleropaMFDC Japan 


Micr opal’s performance figures for me of 
the funds listed in last week’s article on bottom 
fishing were wrong. EFDC Japan returned' 
$58.27 foreverySlOO invested through the year 
of 1990, a performance which would have taken 
it out erf the listing of worst-performing funds 
of the year. The performances for 1991, 1992, 
and 1993 were $99.82. $76.87 and $120.66 re- 
spectively. We apologize. 


DISCOUNT 
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By Conrad de Aenfle 


fc 


aally 

'. No need,, at least not yet, 'say 


the Industry. Banks are in 
they sty, that even if the 


Source.- Datastream 


iMcmamma] Herald Tnbnoe 


Despite Experts, Financial Stocks Rise 


A N increase in interest races, sodr as 
the one engineered two weeksago by 
the US. Federal Reserve Board, 
usually makes shareholders of bank ; 

stocks 
those 

such good 
multiyear period of i 
Ought to continue to 
What is so right with banks is that far the 
first time in a long time, nothing is wrong. 

“The outlook is as bright for money-center 
banks as I’ve seen it in a decade,” said an 
enthusiastic Brent Erensd, who follows Nig 
banks for UBS Securities. “Throughout the 
19805 you had something hanging around then- 
neck, now there are no disasters on the horizon. 
That's what makes this truly refreshing.” . 

After the crises of the early *80s. when banks 
made too many loans to loo many poor credit 
risks, they learned their lesson — they cut back 
lending and immersed themselves in activities 
that would generate a steady stream of fees. • 
The most recent “blunders” in Third World 


to he mcreasng,” she said. “Consumer boorcw*- 
iog, which is iwo-ttods of activity, is picking 
op, but corporate loan demand, I don’t see 
bang thatmgh. Businesses fiaveheen cautious 
about rarriogfimds.'* • "0 1 

■ . As banks .get stronger and diversify away 
from tending, they become kiss, sanative to 
changes in mterc^t rates. The Fed’s decision, to 
nudge rates higher, the first such move in sever- 
al years, abroptly sent financial slocks lower. 
But as long as . the Fed does hide mcare tfiaii 
nudge, many analysts doubt that rising rates 
will do dte com panies hwr* 11 - ■- ■ 

An envirixuneait with riasg rates, said Mr: 
Erensd, “is less positive than a steeply inverted 
yidd curve with record low rales, but thfifact 

tkuf **-‘ J ^ ”t- -■ — ui«a4a3vr wrffl 


looking for the federal funds rate to 
rise about' 100 to 150 basis paints WJ 

- abwt^’dexpoabaBis*^ to *^f^ 

-We’d 1 be looking f or abo ut 10 percent below 

current levels, marinnnn.” • ' 

tttbai happen* Ac-added, trades « 


l to protect themselves than 
been.* That outlook would 


in a better 

they ever . 

change, he warned, “if the rale rise were swift 
and intense. 7 * ■ 


By Rupert Bruce 


A NYONE who bought British finan- 
cial stocks prior to (he pound drop- 
ping out of the European exchange- 
raie mechanism in August 1992 
should be pleased. Taken as a whole, the sector 
— which includes banks, insurers, and invest- 
ment managers — has performed handsomely 
and soundly beaten the stock market average. 

But many of the experts now say financial 
stocks have gone far enough. A recent survey 
found that more investment managers disliked 
finan cial stocks than any other sector in the 
British market. Yet when Smith New Court, the 
broker that commissioned the survey, exam- 
ined anal ysts’ earnings estimates for the sector, 
it found that they were subject to greater up- 
wards adjustments than any other. 

So, while the stocks were widely disliked on 
the one hand, their share prices were under 
considerable upwards pressure on the other. 
This contrast caused Smith New Court’s team 
of market strategy analysts to conclude: “This 
suggests that investors are trying to call the 
peak in the cycle and the danger is they' are far 
too early." 

The sector shot up after the pound's devalua- 
tion largely because falling interest rates were 
judged to be good for profits. In the case of 
banks, they would ease the pressure on hard- 
pressed borrowers. Both small businesses and 
property developers had been going bust by the 
dozen and the banks' profit and loss accounts 
had been devastated by provisions for bad 
debts. Bui once lower interest rates came 
through, the scale of provisioning eased. 

The British recession also prompted banks to 
streamline their branch networks. Barclays, for 
example, is cutting its British staff by 21,000 
people — about a quarter of its employees — 
between 1991 and 1995. The impact of falling 
bad debts and cost savings is dear at Barclays. 


In the half-year to end June 1993, the last 
period reported, it earned before taxes £335 
million (S493 million). That compares with a 
loss of £242 million in the 1992 fiscal year. 

Merchant banks’ pretax profits have re- 
bounded with the stock market Their broker- 
age operations have benefited from strong equi- 
ty and bond markets and high levels of activity. 

Investment management companies — many 
of which are subsidiaries of British merchant 
banks — have also performed well with the 
stock and bond markets. As returns on British 
deposit accounts have fallen with short-term 
interest rates, investors have transferred their 
savings to stock and bond funds. 

The belter these markets have performed, the 
more money has been transferred. Both life 
insurance and composite insurance companies' 
profits are also helped by rising stock and bond 
markets. They invest their premiums in the 
stock and bond markets until such time as they 
may be called upon to pay out. Obviously, if the 
markets rise strongly, they are more likely to 
have a surplus over their obligations. 

life insurance companies have also taken 
flight capital from deposit accounts because 
many of their products are quasi-investment 
products. Tbe Association of British Insurers 
disclosed last week that sales of single premium 
insurance policies rose 23 percent in 1993. 

Falling interest rates also help composite 
insurers because they face fewer losses from 
mortgage indemnity contracts as fewer house- 
holders default. In addition, these factors have 
combined with a switch in the insurance cycle. 
Motor vehicle insurance rates started to harden 
in 1991 and commercial insurance tales in 
1991 

Of all these types of stocks, fund managers 
are most bearish on the banks, which, strangely 
enough, are experiencing the largest upgrades 
in brokers’ earnings estimates. It is generally 
accepted that British interest rales are pretty 
dose to the bottom, so there win be no room for 


improvement, but there may still be gains from 
cost savings. 

Anthony Bolton is a senior fund manager at 
Fidelity Investments, tbe British offshoot of the 
U.S. mutual fund giant. Unlike the majority of 
investment management companies. Fidelity 
does not examine stock markets sector by sec- 
tor, but just looks at individual stocks. The only 
two to have Mr Bolton’s eye among all the 
financials ore Barclays and National Westmin- 
ster: “Recovery in the bad-debt situation com- 
bined with a cost cutting program is, we fed, 
quite powerful for the bottom line, and not 
fully discounted by the stock market.” 

Second to tbe commercial banks in terms of 
being out of favor yet constantly having their 
wminp upgraded are the merchant banks. It is 
difficult to find anyone with a good word to say 
about them. 

“In the me reliant books there might be some 
concern that the ratings could slide as well as 
the earnings,” says Phillip Gibbs, an analyst at 
Barclays de Zoete Wedd, a UJL investment 
bank. 

Concerns about merchant banks center on 
their reliance on proprietary trading, or trading 
their own capital for a significant fraction of 
their profits. Earnings From this area are notori- 
ously erratic. Analysts also say there is not 
much merger and acquisition work around in 
London to occupy the corporate finance de- 
partments. 

As for investment management companies, 
they are generally thought to be plays on the 
British static market. So, if you think that it win 
continue rising, then you should buy these 
stocks. 

Similarly, one could say that the whole sector 
was a way to bet on the British economy. The 
investment managers surveyed by Smith New 
Court might then be saying that the prices of 
financial stocks fully anticipate the recovery in 
the British economy. But if you thought they 
had underestimated it. and the size of the earn- 
ings upgrades suggest they may have done, then 
you should buy financial stocks. 


said, “are behind us, and capital, re- 
serves and operating earnings are at very high 
levels.” 

“The outlook for trading, derivatives and 
underwriting is very good,” ne said, “la terms 
of basic corporate banking, wholesale lending 
to blue-chip corporations, the outlook is .less 
dear.” 

Some banks, he noted, are bonding that pan - 
of their business back up. That’s what Bank of 
America is attempting to do with its S2 billion 
bid for Continental Bank.’ But others, such as 
Gticoip, Chemical and Chase, are emphasizing 
consumer banking, where the spread is wider 
between what they pay for money and the rate 


ter as rates mocase/said Nancy Bosh, wbo 
follows the group for Brown Brothers Hard- 
man. “Skjwiy, modestly rising short-term rates 
win- actually help my companies,” : she said, 
became ofbanks^ tendency to be 
slow in passing an In^arates to 
while ra&tetmgdihii up at the first opportuni- 
ty to borrowers. . 

“Rjegjonals have most of their assets in vari- 
able-rate loans, and get ratal- erf their money . 

&wn customer deposits,” she said. With Bttieof 
their funds tied up-in fixed-rate loans allow 
i if rates rise. 1 . . . 


(. jeauxs-rene w ue — , rr - - — 

' sensitive stocks,” rite 
more Sensitive than -others, But ^.market 
doesn’t always differentiate oolong ttea "O® 
they trade down, they do it as a groop- *; 

Ever without thcyardDg rate nse mar Mor- 
gan’s researchers' are expcding, she sard 
. “there’s going to continue to be a lot of uncer- 
tainty on rate* and that’s going to hold bank 
stocks 'dofto.*.' 

. AH tbe samel should the group correct, she 

- .would Be .wilting to step in and buy °* 
those issues with drverrified busnesses and 

are 




\4K 


Norw^,<W-. a-coinmercifll bank in Minn* 

..and Fifth 


j Third Bancorp, a super-re- 

slorsal in the MidwesL ■-?- ' ■ - 

: ; Tbe paes Ms. Bush tikes are Fleet Financial 
Group- in New England, which has “tremepr 
dous inroads to makein cost savings,” arid First 
Upon,-* Southeastern bank that is consolidg- 


I -£*■' 
i rS 


! ?V- 


: a- 



rates may not. 
!ty, their effect on 


at which they lend it back out 
ixghfc 


Although lending may be increasing, the re- 
bound has not been particularly strong, said 
Nancy Stroker, an analyst at Fitch Investors 
Service. 

“I haven't seen much evidence of it, bat it has 


d upm re 
rates, they will fed tittle i 
-While the impact, of 

gfwdyL— — . 

share pnees may be ! 

“Less than 5 percent .on 
areatridebnai 
Bin Schmidt, m****#*- of the John Hancock 
Freedom Regional Bank Fund, wfcoJorecasts 
average earnings growth in die industry this 
year erf 10 permit "However, lots of investors 
ore worried. It .would hurt stocks because of 
market psychology* 

Catherine Murray of. J-P. Morgan , is less 
sanguine than the others about interest rates 
anal their impact on bant shares. : 7 T ! 


-iog it$ operations after a. round of taa 
Other- faVoritesf are Keycorp, which 


Schmidt- alsotikes, First Fidelity and PNC 
Bank Corp. . ' 

Others on Mr. Sdumd t’s tin include Fust of 
Amwnt Bfwffw pin Michigan, which he said is 
a very low-risk play because it operates in less 
competitive markets, and Inte^ which, he. 
ffoHy « pftiwilial anmrirition candi date. 
Looking at tire b®rer banks. Mr. Erensd is 
C&micaL 


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fond of (Setmcal, wGch throegh ownership of 
Texas .Commerce Bank offers a jrfay on tlte 
esq>^ted increase in trade with Mexico. He.dsa 
likes Bankers Trust, which he calls “a porephre 
on trading and derivatives,” tbe latter a busi- 
ness that is growing at 25 percent a year and hr 
which Baxters Trust is a world leader.- ; - - - : 


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INTERNATIONAL HERALD TRIBUNE, SATUR DAY-SUN DAY, FEBRUARY' 19-20. 1991 


Page 17 




THE MONEY REPORT 


The Risks of aNew Market 


By Kevin Murphy 

A T first glance the inexo- 
rable rise of Indian 
flocks looks tike an un- 
qualified bonus for the 
Western managem ent com pa nies 
leading the inward rush of invest- 
ment capital A rash of new Indian 
and subcontinent equity funds has 
appeared in step with changing 
perceptions about an economy cm 
an upswing. The newcomers join a 
Small group of established funds 
who suddenly find themselves 
awash in cask • 

But there are two sides to the 
story. Along with the developing 
boom comes the technical problem 
of investing. As the Indian mark** 
opens itself up to TTiternatinna l in- 
vestment, problems are hwng expe- 
rienced in processing domestic 
trades. And the Indian government 
acted last week to slow the pace of 
new share and band issues in the 
international marketplace, citing 
concerns over the frenzied levels of 
activity, and India’s overall indebt- 


The avalanche began at the turn 
of the year. Net foreign investment 
wasSllnffionin 1993,withinosiof 
that coming is November and De- 
cember; the In dian market index 
has risen anound'SO percent in the 
past three months. - 

“India had been the quuit story 
of Asia, on til recently,” said Ian 
McEvatt, managing director of In- 
dosnez Asset Management Asia. 
Ltd. in Hong Kong. “Everyone gets 
excited about China, but' India’s 
potential is not Ear behind and it is 
increasingly less regulated and re- 
stricted when the two are com- 
pared.” 

Indosuez manages the Himala- 
yan Fond, London and Amster- 
dam-listed and one of tbc first for- 
eign funds to invest primarily in 
India when first launched in June 
1990. After some lean early days 
when it traded at adeep'discount to 
its net asset value and experienced 
steady depredation in the rupee, 
the dosed-end Hhnalayan Fund 
has prospered. 

' Strong gains by Indian stocks in 
1993 saw the Himalayan Funds’ 
$100 milBoa start-up grow into 
into a net asset value of $170 roO- 
fion. This increase came; despite an 
85 percent slide feu the rupee 


' against the U.S. doflar during the 
poiod, a solid enough jxrionnaoce 
combined with wkiening' foreign 
scrutiny of India to encourage 
dosuez to exrand the fund by an- 
otberSZOOimflion through a place- 
ment of new shares in January. 

*1994 will be a year of great 
opportunities in in India,” said Mr. 
McEvatt. “But we don’t think peo- 
ple should be going mto this with 
their hands over thar eyes, l would 
not be sanguine about trying to go 
mto a country where experience 
counts so much.” • 

Like Jar dine Fleming Unit 
Trusts whose Hong Kong-based 
India. Trust -stopped taring new 
funds in January at $420 miflwy 1 
for f ear that it could not invest it a& 
efficiently, and a handful of other 
India veterans, Indosuez can argue 
strongly for entrusting money to 
exgenmced lands.. 

b^nmm^^mIndSa,"sa«f?OT- 
athan Boyer, who manag e Jardine 
Fleming's India funds, which are 
set to grow totfireem number with 
the addition of a New York-listed 
dosed end fund, and a United 
Kingdom investment trust. 

“its true there is a great deal 
more money looking at India right 
now,” said Mr. Boyer. “But against 
a strong macroeconomic backdrop 
and continuing reforms, Indian in- 
vestments should perform well on 
funds men talsfor several years." 

A wave of new funds.wiBmg' to 
shrug off the current trarhng envi- 
ronment could take- those foreign 
investment figures hiaber as strare- 
gists re-evaluate their current 
weightings for India wfafch, in gen- 
eral, are far smaller than the econo- 
my’s pptentiaL 

Direct investment by Indian 
government-approved foreign in- 
stitutional investors, which hit $1 
billion in 1993, and another SO 
baffion raised by blue chip Indian 
enmpimiKg tlntai^h issues. ofeqpj- 
ty-finked, convertible bonds and 
Global Depositary Receipts inch-, 
cate appetites are growingfor Indi- 
an exposure. 

"Fund managers; everywhere are 

Indian convertibles reflectiTit, " 
said Steven Peter sohn, of Jeffries 
Pacific Ltd. in Hong Kong, which 
trades e^ty-linked derivatives. 
“Convertibles are the cleanest, fast- 
est ami easiest way to participate in 
a potentially explosive market” 

Investors watted with delight 
as Indian ooavcztibks, . such as 



those issued in December by the 
conent maker Gmant Ambqja Ce- 
ment^ rose sharply in vahe as their 
prenumn to the underlying share 
price actually expanded. 

Giqarat Ambaja’s $75. million 
bond was issued at par on a 7 A 
percent premium to the nnderiying 
price at the time. By early January 
the bond had reached 140 While the 
premium on die bond relative to 
the underlying shares had in- 
creased to 21 percent. 

Generally such a scenario isn’t 
sustained for long unless demand 
greatly exceeds supply. Investors 
would normally switch their high 
priced bonds into the underlying 
equity instead. But it hadn't bap- 


managers are not fully com- 
fortable with direct investment in 
Indian equities. 

How long those high premiums 
remain intact depends on whether 
demand for quality Indian paper 
continues to outstrip supply. A 
number of new, big issues were 
expected to be launched in 1994, 
and were seen as a potentially stiff 
test for a relatively young market 
Now the question is how long the 
Indian government’s informal poli- 


Inienuttooil Herald Tribune 


cy of discouraging further issues 
win prevail. 

Foreign investors were only al- 
lowed into India’s protected stock 
markets in September 1992 and 
overseas stockbraking firms were 
only recently permitted to conduct 
correspondent bickering for over- 
seas clients. 

Indiafor maty investors is a leap 
into a myslenous maikeL Not 
knowing many of the locally listed 
companies wdl enough to buy their 
equity, or unimpressed with a com- 
plicated clearing system and a 30 
percent capital-gains tax on short- 
term trading profits, many foreign- 
ers have instead chased the paper 
that has been brought to them by 
people they already know. 

But, with an avalanche of money 
seeking high returns pouring out of 
Europe and North America, and 
other stock markets in southeast 
Asia twice as expensive as they 
were a year ago, attention is focus- 
ing on India. 

And, as with most emerging mar- 
kets, the best retains mil found 
those prepared to dive into a large 
pool (6,000 companies Hsted on the 
country’s exchanges) where few 
have swum before. 


A Bubble in German Bank Stocks? 


By Abb Brockfehurst 


G ERMANY’S three main banks 
have sailed through the country's 
severest post-war recession with 
record profits, but despile out- 
performing just about every other national 
industry in terms of profit growth, only one 
of the big three banks managed to outper- 
form the German stock market in 1993. 
Shares of Commerzbank posted a 59 percent 
gain last year compared to a 42 percent rise in 
Frankfurt's DAX index while Deutsche Bank 
rose 37 percent and Dresdner Bank climbed 
31 percent. 

Among European banking industry ana* 
Sts, there is no consensus at all on where the 
prices are headed from here. Some 
analysis recommend the German banking 
sector as a whole while others expea it to 
underperform. Some analysis see Dresdner 
bank alone as a “buy,” while others favor just 
about every other big bank. Opinion is also 
sharply divided on Commerzbank. And « hile 
Deutsche Bank provokes less controversy 
then toe other members of (he big three, there 

is no unanimity on its faze either. 

Bankhaus Julius Baer in Frankfurt current- 
ly has “buys” on Deutsche, Comment. Bank- 
geseflschaft Berlin and DePfa Bank, a situa- 
tion banking analyst Manfred Piomka 
describes as “exceptional." Normally, it only 
recommends one German bank at a time for 
purchase, but because it is “very optimistic in 
the middle to tong term" about the seaor, it is 
in the unusual position of recommending 
four. 

Many investors in German stocks have 
moved mto chemicals, steel and now autos, 


hoping to benefit from an imminent turn- 
around after toe years of shrinking profits 
and, in some ca res , losses. Mr. Picnika noted 
that for hanlc^ whose profits have continued 
to grow throughout toe recession, the turn- 
around will make itself felt in reduced loan 
loss provisions that should boost e arn i ngs 
even higher. 

The banks, which will report their 1993 
results in March, have released 10-month 
results in which toe respective provisions 
against loans losses for Deutsche. Dresdner 
and Commerz were, respectively. 2.46 billion 
DM IS 1.43 billion), 1.25 billion DM and 1.37 
billion DM. A Salomon Brothers' report on 
German banks estimated Deutsche Bank's 
provisions rose to 3 billion DM for all of 1993 
and then will drop off to 2.8 biBkm DM in 
1994 and 2.3 billion DM in 1995. Salomon 
sees both Dresdner and Commerz following a 
similar pattern. 

“As toe German economy stabilizes in 
1994. we expect toe pace of domestic credit 
deterioration to be slower than in 1993," a 
European banking analyst, John Leonard, 
wrote in toe report “This already appears to 
be happening in Eastern Germany, where all 
three h anks are now profitable after provi- 
sions and taxes. 

Salomon has a “buy" recommendation on 
Dresdner and “holds” on Deutsche and 
Commeiz. Dresdner Bank “remains our top 
choice based on its balance between hanking 
and nonbanking investments and the rela- 
tively modest share valuation," toe report 
says. “Our stance on toe other two banks is 
alio positive; but we lack sufficient near-term 
conviction that toe shares will outperform the 
market to support a ’buy’ rating." 

In 1993. German banks were able to more 


than make up Tor the hefty amounts allocated 
to loan loss provisions with toe comnnssons 
and tr adin g profits derived from surging se- 
curities markets, “This is one of the advan- 
tages of Germany’s universal banka," Mr. 
Piontka said 

But the universal banks also have [heir 

disadvantages, as has recently been illustrat- 
ed by toe problems of the mining and metals 
gjant Meiallgesellschaft AG. As wdl as com- 
bining toe functions of commercial banks, 
merchant banks and brokerage houses, Ger- 
man hanks are major shareholders in many of 
toe country’s biggest and best-known compa- 
nies. creating a concentration of financial 
power. 

Both Deutsche and Dresdner not only bold 
major slakes in MetaUgeseDsdiaft, but they 
are also among its most important creditors 
and have seats of its supervisoty board. When 
Metallgesellscbaft announced that its losses 
for the fiscal year ended SepL 30, could total 
3 3 billion DM, holders of rank shares were 
predictably upset. While the company has 
now agreed to a restructuring program ap- 
proved by both its German and foreign bank- 
ers, more bad news could have a negative 
impact on toe banks' share prices. 

Michael Wheelbouse, financial analyst at 
Nomura Research Institute, believes that an- 
alysts basing their predictions for recovery 
and improved loan loss provisions on toe 
pattern established in toe 1980s recession 
may be too optimistic. 

“For me toe decisive tiring is that toe 
recession m Germany is more serious tins 
time around. 1 think tor asset quali ty prob- 
lem is more serious," he said. ‘Tm sitting on 
toe negative side of toe fence." 


The Risk-Free Option: Savings Accounts 


A FTER toe Spanish central hank 
stepped in Late last year to take con- 
trol of Banco Espafiol de Credito, or 
Ernesto, edgy depositors pulled out 
some 300 billion pesetas (S2.12 billion) in de- 
posits in the next 10 days. While it is not hard to 
understand toe depositors’ worry, it is more 
difficult to justify it, banking analysts say. 

Despite toe horror stories, stashing one’s 
savings in the local bank remains an almost 
risk-free option. The main drawback is, as it 
always has been, the low rate of return com- 
pared to other investments. 

David Andrews, director of toe London- 
based bank-rating agency, IBCA Ltd., said that 
apart from the ^jectacular case of the Bank of 
Credit & Commerce International, with its $20 
billion of deposits fraudulently collected from 1 
milli on people in 72 countries, there have been 
“very few bank failures in which anyone's lost 
money." 

“In the end, depositors have usually been 
paid off," be said, noting that all over toe world, 
governments, central banks or other commer- 
cial banks almost invariably step in to bail 
depositors out and calm fears of a bank run. 

In the case of Banesto, Mr. Andrews said: 
“We’re idling our subscribers not to be worried 


in that we still give it an A-minus long term. I 
don’t think anyone who's in there should be 
worried. The Bank of Spain has demonstrated 
that it’s eager to rescue n and keep it going." 

In 1990 and 1991, after bearing repeatedly 
about toe big U.S. banks' ill-advised lending to 
shaky Third World countries and even shakier 
First World entrepreneurs, as well as toe mess 
at the country’s small savings and loans institu- 
tions, many Americans joined a “flight to quali- 
ty." 

David G Gates, ^airman of the Cates Bank 
Rating Service in Washington, said this was not 
necessarily a smart tiring to do. “A flight to 
quality is not always goodfor the customer ," be 
said. “Those are the banks that pay the least 

“Instead of toe safest bonks, what the con- 
sumer wants to do is avoid the rockiest" he 
said. “That’s better advice." 

But according to Robert Heady, publisher of 
the Florida-based Bank Rate Monitor, times 
have changed to the point where it is now 
possible for depositors to have their cake and 
eat it too. He says the theory about toe shakiest 
banks paying toe highest yields “was correct 
four or five years ago but it has now gone out 
the window.” 

Bank Rale Monitor’s list of the banks paying 


toe 100 highest yields in toe U.S. show that 65 
are rated three-star by the bank-rating organi- 
zation Veribanc, 18 are two-star, three are one- 
star and 20 have no stars. Thai compares to 
three years ago when only 32 were three-star, II 
two-siar, 14 one-star ana 44 no-star. 

IBCA awards its highest trrple-A credit rat- 
ing based either on a bank's own merits or 
because it is guaranteed by the state. Including 
J-P. Morgan, there are currently only six banks 
worldwide who have earned toe rating indepen- 
dently. They are Germany’s Deutsche Bank, 
tire Netherlands’ Rabobank Group, Swiss Bank 
Corp., Union Bank of Switzerland and Crfedit 
Suisse. 

While Mr. Andrews said that companies and 
institutions might prefer to stick to lriple-A 
rated banks to keep themselves safe and liquid, 
he does not recommend a similar strategy for 
private individuals dealing in smaller amounts. 
“They would be silly not to to try to get more 
return." he said. 

He also suggests bank customers “stay at 
borne. I wouldn't advise any individual to start 
placing money with foreign banks at alL 
There's not just toe bank collapse risk, bnt toe 
exchange collapse risk as wefl." 

— ANN BROCXLEHURST 




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Its seaside residences are as 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, FEBRUARY 19-20, 1994 


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World News. World Views. 

Every day, the International Herald Tribune provides clear and concise coverage of world, events 

with a scrupulous separation of reporting and opinion. 

For objective and informative reading, make sure you get your copy every day. ' - 

For subscription information, please call: , . 

Europe/Africa/Middle East (33-1 ) 46 37 93 61, Asia (852) 9222-1 188, The Americas (212) 752 3890, 

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INTERV^TIONAL HERALD TRIBUNE, SATLIRDAY-SUNDAY, FEBRUARY 19-20, 1994 



Page 19 


THE MONEY REPORT 



■] » Members of apanet of experts 
■; fn economics and investment of. 

V fer their opmicms cm ihe world's 

V i 'mtgor economies, currencies and 
:.\ financial markets. 


in Asia; Tighter Money on Wall Street; Japan’s Looking Up 





Howard Right, director, • 
GuirmessFlight 
Global Asset 
^Management - •• 

Over the rest of the decade, sdf- 
evidentiy, North America, Europe 
hud Japan will be importing m- 
vohimes of manufactured 
China, Southeast Asia, 
and Latin America. Equally, 
all these countries win need to 
; make massive infrastructure invest- 
ments in their economies tosustain 
■their high growth rates, while as 
L torir Imrig standards improve, they 
*v xviB also be importing more luxury 
•' goods and services from die mature 
i eamomks. A recent survey has es- 
timated a doubling in toe volume of 
trade between theUnited Kingdom 
‘and the Far East by the end of the 
decade 

' The first issue which stands oot 
1 here relates particularly .to Europe 
-The underlying commercial logic of 
the last 30 years behind tiraseargn- 
ing for the necessity for Britain to 
integrate into E urop e ih«r 

tins was where the potential lay to 
increase trade and ex p erts- Irtan- 
tsBy, since EC membership, the 
United Kingdom has built up a 
growing trade deficit with the rad 
of Europe. Notwithstanding, there 

IS deadly some logic m thmkmg of 

Western Europe, collectively, as a 
Jaige “hom&base” market analo- 
gous to that of the United Stales,' 
accommodating large economies of 
gcale. Economic trends are, howev- 
er, now moving in the opposite di- 
rection of those perceived 30 years 
jago. Britain and other European 
countries now have modi greater 
Scope to increase their trade with 
and exports to the fest-growing 
emerging economies. Indeed, it wifi 
become an economic necessity of 
&fe so to do, in order to sustain 
employment, and ■ to .\g y 

economies. . • 

J The United Kingdom is potea- 
jtiafly weD placed in comparison 
with many other European econo- 
mies. Britain has a heavy prepon- 
derance of intemationaBy active 
companies. English as toemamJan- 
goage of iniemational trade, and 
Britain and Italy are the two most 
co mp e titi ve Eu rope an eco nomi es 
5n terms of thdr cost bases. In gen- 
eral. there are.good keg-term his- 
toric rdatio n shqg frequently going 

jpdi^S^^^ed Kingdom. 

« The nnplicationsaf BMW’s ac- 
quisition of Rover could hold out 
mote tb»Ti just intra-European 
prospects. . From a governmental 
point of view, it is also deariy im- 
portant to give a higher priority ;in 
fostering good relations and assist-. 


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awmmomm 

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mg British trade with China, 
Southeast Aria, India, South Afri- 
ca, Latin America and Eastern Eo* 
rope. A principled stand Jar do- 
m Hong Kong where the 
Chinese hangs” who control 
Hong Kong are. already seating out 
the furore political arrangements 
wth Beijing lodes to beqoesrion- 
aUe, at least commercially, and the 
C hin e se gny e n n w^ t ennn/v t 
poetically, to permit a democratic 
government mwhmwfll become m 
unportani part of Sooth . China, 
without tempting the whole of 
Southern Chnm to yg-ftdc 
Historically, the United King- 
dom has along and successful tra- 
dition as a "city-state 7 ’ involved in 
global trading and still has the 
highest level or trade in relation to 
gross national product So far, .die 
United States seems to '.have ‘'got 
tbe message” more defectively; al- 
ready a huge number of major in- 
frastructure exports and projects 
are coming np weekly, where die 
United Stales is whmhig. a high 
““portion of the business. The 
i. go vernment also has the Te- 

.A • . - T ' r 



its military umbrella. 

From an investment, point of 
view, five points standout. 

• Those North American and 
European companies which are 

. wefi-nm and weB-placed in win- 
ning mqorinfra^ructure contracts 
should show substantial profit 
growth. 

•It is good eexmonoe news for 
the world that there is already a 
rising trend fer infrastruonrei®- 
ports.by the emerging economies. - 

• It wffl beef mdor importance 
for both -'the economies end eat- 

. day rates of the-econonticaDy 
mature countries as to whether they 
are able toeq^xt those opportuni- 
ties. . 

• The successful ememEtg eco- 
nomics will need to develop their 
bond fiwAwagl markets to fi- 
nance major infrastructure imest- 
inentswhercdiesemaricelsareBoe- 

of the global 

more qmckly than many expect— 
parikmariymtheciseof Asa.' . 

. . • Where successful emerging 
eroobmies have ^Aarply underval- 
ued ■cunencies- in terms-of their 
“porchasmg pcruttr parity,” their 
exchange rates cm be expected to 
strengtboi materially, bom asn re- 
sult of the der^hi^ion of thdr 
financial markets and cf baric sdf- 
inttarest in redhriBg dm costs cf 
in£nisixuctnrehqx)rts,^ierehi^i- 
er added-vahie experts do not need 
such undervalued currencies — the 
Japm wsc c^ se rtody j pver tfee laft u 
forty years. ■ ••• 


Christopher Kwiecinski, 
investment manager, 
Banque Indosuez, 

Global Private Banking 

One of the key dements of the 
world investment landscape out- 
lined at the beginning of 1994 is 
falling into place. Ignoring some 
pandits’ advice to wait until “the 
whites of the infla tion" could be 
seen before tightening, tbe Federal 
Reserve has begun to take the 
punch bowl away! 

The first interest rate hike in 
needy five years is an impor tant 
qrdical development, for it marks 
the begmnzng of a long series of 
moves familiar to Fed-watchers. 
The market's complacency about 
the U.S. central bank's willingness 
to continue to supply liquidity 
should be ending, although the im- 
pact of die Fed’s action oo investor 
sentiment wiD be fdt in coining 
weeks. Private investors should be 
asking themselves whether this 
tnnting pant in the U.&. interest 
rate cydeshoold lead to a strategic 
rebalancing of their portfofios. 

Hist, last week’s derision by the 
Federal Reserve should have reas- 
sured UK doBar-based investors 
to stay with their long dollar posi- 
tions mnfirmw| ihf n w l tO 
hedge their exposure into Europe- 
an fmanriftl assets. Nonetheless, 
the sbort-tam upside potential of 
the -American currency win be 
capped by tbe threat of the Bundes- 
bank intervention as wefl as the 
length of its apparent pause in 
monetary easing. The German cea- 
traTbank. largely pr eocc upi ed with 
domestic concerns, missed an op- 
portunity to reduce interest rates 
earlier in January. This brings the 
question whether the expected 
monetary earing in continental Eu- 
rope will be sumrient to pull bond 
yields down to cyclical W this 
year. Delays «™lar to the current 
one wfll trigger bond market cor- 
rections andalso trading opportu- 
nities where the bears are nkdy to 
find headwinds, albeit less strong 
than last year. 

I While the magnitude of the tight- 
ening by the Federal Reserve was 


hardly shocking, its psychological 
effect should not be underestimat- 

edThcreversalscrvedasaremiiid- 

er that tbe American stock market’s 
driving face has shifted from in- 
terest rates to earrings. In this new 
phase cyclical stocks are likely to 
fare better but positive earnings 

Emprises will provide opportunities 
to sell into rallies. 

As a little-pnblidzed example, 
bonds outperformed equities in the 
United States last year and while a 
reversal is expected in 1994, an 
overall more neutral stock market 
position is warranted. To be sure, 
rising money market yields are still 
far below lords threatening equity 
valuations, but if tbe monetary 
tightening does not produce a flat- 
tened yield curve, the risk of a cor- 
rection among share prices wiB 
loan larger. Further, to the extent 
that higher interest rales are likely 
to re£teci a stronger economy and 
rising credit demands, higher-yield 
fixed mcome securities, both sover- 
eign. and corporate, may still offer 
attractive prospects. 

The appearance of amber lights 
on Wall Street carries implications 
for other international equity allo- 
cations. In general, tbe following 
countries have shown historically 
low correlations with the U.S. mar- 
ket returns: Japan, Australia, Ger- 
many, Italy, Spain and, among the 
emergi ng markets. South Korea 
and Merica- The usual caveat 
about past performance applies, of 
course, but it should nonetheless 
beat the dartboard. However, die 
recent weeks helped underscore the 
sensitivity of the Southeast Asian 
markets in the U.S. interest rate 
eyrie. 

In contrast to many European 
equity markets over discounting 
profit recovexy in 1994 and the U.S. 
market’s high valuations, Ji 
may appear attractive. The 
kri's current trading range, al- 
though approaching the upper end, 
is stin nearly SO percent below its 
bubble-fueled late- 1989 levels. To- 
kyo dis app ointed many fund man- 
agers in the latter part of last year 
amidst deepening domestic politi- 
cal uncertainty and dashed hopes 
of economic recovery. The worst of 
the deflationary squeeze should be 
over by now, the yen has tuned, 
the government has just announced 
an un precede nted fiscal stimulus 
package and optimism about re- 
covery in the second half of 1994 
has revived. It is not surprising that 
investors are beginning to view Ja- 
pan more favorably, particularly 
after the recent records on the 
smaller markets. Fi- 
j, US. doQar-based portfolios 
should raise moderaldy their cash 
levels, mainly for financing trading 
opportunities. 


“At SaiwAB, W e’re Committed To Serving 
The International Investor.” 

-Charles Schwab, Chairman 
Charles Schwab & Go., Inc. 

. With over 2 milli on customers and $85 billion in customer assets, 
Charles Schwab & Co., Inc. is one of America’s leading brokerage 
conqjanies. ...... 

Now Schwab provides low-cost, convenient investment services 
to independent investors all over the world. 

As a Schwab customer, quick and efficient tr ading in U.S. markets, 
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Schwab also means value. For example, when you trade U.5 secu- 
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pay a full-cost broker.* " 

And now, Schwab is introducmg a new investment service - bond, 
equity and currency funds — free, of sales charges. 

For more information, just complete and return this coupon or 
rail free of charge. Ask about our Schwab One International 04 Account 

Please send me more information on Schwab products and services and the 
Schwab brokerage account 

. Charles Schwab lJmited , . Britain - 0800 526027 

55 South' Audley Street ■ : Germany - 0130 8174 65 

London W1Y5FA 
United Kingdom ~Y " 

Or call 44-71-495-7444 . 

FAX 44-71-409-0799 1 

Name — j ■ " — ... — . 

Address—— — — — ' 


Country — 

Postal Code- 
Phone : 


Charles Schwab 

For Todays International Investor 


HS«L 


Iordistrib0itontaiheUKby(3^Sd»Mb 

Umhed, i member of ifacSFA. Nttin- Ctata Sdiwb* Ca* he. nor the tunas of (he Grab ne aaboracd w arryon bimnncu 
m ihe UK. wtnth mam ihsmfl c» nmfli of prondal by Jit United KtagdQP Ttgiblmy syrom on act «Pp ty, 

t nrbMflnp r, 'u nprf»c»fiari nnrifr ifag UK Dwamg SAonc. bm Act are retukad tgxfcr tbf nnc a ibar pro jcngflcOora Crane 5 ot»wj 
>» u-fcnynhitdhiihelSVAeSEC«d«heWASDmdIsammAcofSIPCmddigNtS£. The UK Rnairisl Sente 
IC modhdflp )Rafef lW&trwi^wpmittofshtttfanof&mhnfe U tK sana B 'mbt^eBimuywiairB^mio 
■ iwwmaiB in eadm« rtewhith oay h*w m rinne eficani ifae uhc. price or tacome ofyuor hntsman. The^ «wJ yw* 
fan tonsure® raw Ut Tbe^ vrfoe oftatemew v*s Bta be idmvif afkaxi by mateoy “ r «« I ' 

bBafaUefn todmitaaiawWcIi ifonJEaBh Iwbeen dqudtcd orwbcMMapWtt ihe fad has anjoaid. OIBlwre fundswe iw 
anhUe » US dttzOB or reskknB nd mr an be wnWile to^ nridaRSoT ezruin awutries. 

• BggdoomAprtIl9935ig>^c<»rfoacd!iyO Bi I caS cbwb j| Co..fac.,«TOilafifaonnaytet. Scijat Ma 539 m/tuaituu aHnmtemi. 



.Anna Tong, director. 
Aetna Investment 
Management 
(Hong Kong) Ltd. 


International investors have 
started 1994 with a question to one 
they had at (he beginning of 1993: 
How much should (bey allocate to 
the Japanese stock market? After 
four years of significant under-per- 
formance, investors have begun to 
swing their vote toward Japan. Sig- 
nificant buying by American and 
European investors has over- 
whelmed selling by domestic cor- 
porations of their fiscal year 
at the end of March. As a result 
during the month of January the 
Japanese stock market (represent- 
ed by the TOPIX Index) gained 
13.2 percent and was 30.6 percent 
above its recent low set Nov. 29. 

Investing in the Japanese market 
two months ago required a certain 
leap of faith. At that lime, the mar- 


ket was extremely vary of Prune 
Minister Morihiro Hosokawa’s 
shaky coalition government, which 
was deeply engrossed in pohtical 
reform debates and seemed to be 
ignoring the plunge in the market 
and the economy. In the ■‘old*’ 

days, the then-powerful ruling Lib- 
eral Democratic Party supported 
tbe market with repeated fiscal 
stimulus packages and its Price 
Keeping Operation. Tbe new gov- 
ernment's inability to enact mean- 
ingful reforms and its decision to 
be conspicuously absent from the 
market by not establishing a sec- 
ond PKO helped to shatter investor 
confidence. A s a result, the market 
fell IS.? percent in November and 
rebounded only slightly in Decem- 
ber. 

In January, however, a few 
forces combined to improve inves- 
tor sentiment substantially. In tbe 
first half of the month, toe stock 
market was propelled higher by sig- 
nificant foreign baying of export- 
rdated “blue chips," as investors 
became optimistic on toe back of 
the weakening yen. In toe second 
half of toe month toe market ini- 
tially came under pressure amid 
continuing concerns about toe gov- 
ernment’s ability to engender a 
meaning ful recovery, but it rallied 
by 7 percent on the* last day of tbe 
momn after coalition reached a 
compromise that paved the way for 
an income tax cut and other eco- 
nomic stimuli. 

There is no question that toe 
economy remained in toe doldrums 
at year-end. with the unemploy- 
ment rate rising to 2.9 percent, in- 
dustrial production falling 45 per- 
cent and department store rales 


falling 6.6 percent in 1993 from a 
year earlier. 

However, we believe that these 


and tbe unspent portion of previ- 
ous packages {totaling 25 trillion 
yen), tbe low and falling interest 
gloomy statistics are already fac- rate environment, normal cyclical 
lorcd m Japanese prices and thus replacement demand, and extreme- 

rr — : — =_ - — ty low inflation should provide an 

environment in which the Japanese 
stock market can continue to oul- 
pcifonn. 


continue to maintain a positive 
outlook for toe Japanese market 
this year. Going forward, the new 
15 trillion yen stimulus package 


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Any expressions of interest should be sent to: 

Mees Pierson [Bahamas) limited 
PO Bax SS 5539, 

Nassau, Bahamas. 

All replies win be treated la the strictest confidence. 


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ADDRESS 



Rcgteord in England No. 537004. 

Bf^utcnri Office Lotsbard House, 3 Prince** Way. RcdhUL. Surrey BH1 1NP. England 

A member ctfibc l a wd I W Wl 


■nr nodednaiaii ofbutc nn i 
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eolandanlCnrd 


THE CE 





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INVESTMENT 




MU Dccmbcr - Matti 
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> Oia Beals 19 • Dftha^SB'R}: Mfa n. Ltnatoom^Bal B • 
•CS.fintea$a&npe*C«^ OstoBaaS ffl Form Beble' 
• Dshadns Anljds • U-Tkrart l&Cgnpeddaa^ • 


I.FL is the one and only publication devoted 
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financial world. 

Reactions to l.F.1. have been 
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Topics include: 

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■ Regulation and technology. 

■ Personality profiles. 


,BeraibS$ribun*. * . 

I.F.L is a quarterly magazine published by the International Herald Tribune. 

‘ ‘ temational Her 


19-2-94 


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SPORTS 



N. Carolina Falls Again, 
No. 5 Louisville Upset 


The Associated Press 

The North Carolina Tar Heds 
can’t win when they’re No. 1, and 
now they can’t win when they’re 
No- 1 North Carolina was upset, 
77-69, at Gemson as the bumpy 
road continued for the top-ranked 
college basketball teams. 

It has been a rough season at the 
top of The Associated Press rank- 


COLLEGE BASKETBALL 


No. 15 Arizona H Southern Cal 
61: In Tucson, Arizona, Khali d 
Reeves and Damon Stoudamire 
had two baskets each in a 10-2 run 
to open the second half as the Wild- 
cats (20-4, 9-3 Pac-10) stretched a 
halftime lead to 48-28. The Trojans 
fell to 11-10 and 4-8. 

No. 19 California 80, Stanford 
62: In Berkeley, Lamond Murray 
had 26 pom is, Jason Kidd 22 ana 


center Michael Stewart tied Pac-10 
records with seven blocked shots as 


the Golden Bears (17-5, 9-3 Pac-10) 
ford 


avenged an earlier loss to Sianfc 
03-8,6-6). 


Notre Dame 68, No. 22 Mar- 
qaette 58: In Milwaukee, Monty 
Williams scored 19 of his 27 points 
in ibe second half and Ryan Hoo- 
ver added 20 as Notre Dame (10- 
!4) defeated Marquette (17-7). 


mgs. with a different team taking 
over the No. 1 ranking each of the 
last seven weeks. The Tar Heds 
have lost the No. 1 ranking three 
tiroes this season. 

Gemson’s Jeff Brown, the best 
3-point shooter in the Atlantic 
Coast Conference, sank five from 
long range and finished with 17 
points. The Tar Heels led. 35-34, at 
halftime, but Brown gave Gemson 
(13-11, 4-7 ACQ the lead for good 
on a 3-pointer with 19:06 to play. 

It was the second straight defeat 
for the Tar Heds (20-5, 8-4X who 
lost to Georgia Tech on Saturday. 

N.G-Charlotte 64, Not 5 Louis- 
Vffle 62: At Charlotte, freshman 
Shanderic Downs made all four of 
his 3-point shots for a career-high 
14 points. The 49ers (13-8, 6-3 
Metro Conference) had lost five of 
eight coming in. The Cardinals (20- 
3, 9-2) had their 10-game winning 
streak snapped. 

No. 8 UCLA 76, Arizona Stale 
70: Cameron Dollar’s driving layup 
with 57.8 seconds remaining hdped 
Hft the visiting Bruins past the Sun 
Devils for the 11th straight time. 
The Bruins (18-2, 11-1 Parific-10) 
converted four Tree throws to cinch 
the victory. Arizona State (12-9, 7- 
5) led 36-35 at halftime. 


A Quadruple-Double 
For Spurs’ Robinson 


The Associated Press 


David Robinson had the Nation- 
al Basketball Association's first 
quadruple-double in almost four 
years, getting 34 points, 10 re- 
bounds, 10 assists and 10 blocked 
shots in the San Antonio Spun’ 


NBA HIGHLIGHTS 


115-96 home victory over Detroit. 

Robinson’s quadruple-double 
was the first since Hakeem 
Olajuwon did it on March 29, 1990. 
The only other players with qua- 
druple-doubles since the NBA be- 
gan keeping track were Nate Thur- 
mond in 1974 and Alvin Robertson 
in 1986. 


Heat 115, SoperSonics 112: 
Steve Smith matched his career- 
high with 32 points and Grant 
Long scored Miami's final six 
points as the Heat, playing at 
home; ended Seattle's five-game 
winning streak. 


Glen Rice added 28 and extend- 
ed to 40 his team record for consec- 
utive free throws, going 7-for-7. 
Sean Kemp and Detief Schrempf 
each had 22 points for Seattle. 

Bullets 109, Tbubernotves 105: 
Calbert Cheaney scored a career- 
high 30 points on 1 l-for-16 shoot- 
ing as Washington extended Min- 
nesota's road skid to nine games. 

Kinds 102, Cavaliers 95: In 
Richfield, Ohio, John Starks scored 
32 points and made all trine of his 
second-half shots for New York. 
The Knicks, who have won five 
straight against Cleveland, won it 
with foul shots, scoring 18 of their 
28 fourth-quarter points from the 
hne. 

Warriors 119, Hawks 115: Chris 
Mullin’ s layup with 39 seconds left 
put Goklen State ahead for good, 
and Latrell SpreweU had a steal 
and two free throws with 12 sec- 
onds left to wrap up the victoiy 
over visiting Atlanta. 




. The Aooddud Press 

ST.^GUIS,] 

Jefferies; the St Louis 
first baseman*- the. seamd-^ 
highest salary ever obtained in ar- 
bitration when an’arbitrafor picked; 
his $4.6 milli on reqiiest instead of 
the team’s $3.7 million offer. ; 

Ruben Sier^- 'theh of Tes^s, 
wan 55 adHian in- 1992. Bui Sierra’s 
record is likely to fall this weekend, 

when the case of Jack McDowdl of 
theWhiteSoxis settled. McDowell, 
was the American League leader in' 
victories last- season and wear Cy. 
7 Young Award.- • 

"Gobs have won seven of the. 13' 
arbitration cases, decided so far.. 
The final three were being ai$ied 


Friday. 

Jefferi 


cries said he nevo: wanted to 
go to arbitration- . . 

“They didn't give us much 
choice,” Jefferies said of the Cardi- 
nals. “They set a number and said 
wtflsre you in court. 

“We said, 'Wail a minute, don’t 
you want to talk about itT But they 1- ' 
didn’t want to n^otiate ataR-lfs a 1 
shame. No omIums gdmg; to arbi- 
tratioo.” ' - " 

Jefferies SSL6H rmBion in 
1993 when be hit J42 with 16 borne 
runs, 83 RBIs arid .46 steals. It was 


“Thai hasn't bothered me ana • 
die seasao,"JelTenes said. *1 canV 
wail to gel back. Tat gladdus is alk 
over with and J can see^the guys=> 
andget m thesim agrim •• ■■ 

■ Dome for Phoaux . > 

A county board authorized, 
spending up to $238 mfllion in pub- 
lic funds to beta a private owner- 
ship group bo3d a domed baseball 
stadium in Phoenix. . - - / 

The T-1 vote by the Maricbpt: 
County Board of Supervisors-/: 
capped months of negotiations be-? 
tween the board hod the would-be J 
owners, which include Nike’s chau - - ' 
mjm Phil Knigtt, the Phoenix. 
Suns and The Dial Carp, , : - 

. The vote came after six hours of 
public testimony. 

The structure, estimated to ccat- 
$278 mxffioa, wiH be iwed as v 
ba rgaining chip in applying for an . 
expansion Baseball owners^,. 

. have no entreat plans to expand- , 

■ The quanra-ceai addition u>the-, 
sales tax to fasd most of the con-J, 
sanction would not be. levied unless r 


it- 






-Jkr ■ 


5 s vr 




&lk 


& 


eft 

v*- r*. 

I 

9*1^- 

■fcZ'r 


UUyUL IWl^UtWLIWim ■ 

nit a frmdffl e inthenext round -of. 


his best-year bv far, bill stQl he 
didn’t think he’d win in arbitration. 


Gn* Bcckact/Anocuicd 

Eric Mootross of North Carolina, left, and Andre Bovain of Gemson scramble to recover a loose hafl. 


“Put jt this way: I think 99 _ 
rent of the lawyaavyould have 
this one.’ , Jcffakssaid. 

Jefferies said he was leaving im- 
mediately for theCardinals’ train- 
ing camp in Sl Petersburg Honda. 

He missed about a month nu* 
season because of lower bade prob- 
lems, but he said he has been wak- 
ing out scare Navariber. ' 


ills f 

m 1990 anthoriaed Mfflioopa Cquhr' 
to levy such a tax. . 

The Suns’ president, Jerry Co- 
hwigrin, leader of . the investment 1 , 

group, announced- its formation^ 
Nov. 10. Since then, the two sides ' 
have worked on how to deal with.- 
issues, mdudmgctmfluringponre-!'- 
sults on the pofariaiityof the idea.' 

The supervisors cited the con-'/ 
sanction of new packs in Chicago^ ' 
Baltimore, Denver, Cleveland and - 
Arlington, Texas, dial have used? 
public funds. _* 




SIDELINES 


SCOREBOARD 


Els and Burke Lead Australian Golf 


MELBOURNE (A P) — Ernie Els of South Africa fired his second 
consecutive 3-under-par 70 on Thursday and shared the second-round 
lead in the Australian Masters golf championship with the American 
Patrick Burke. 

Burke shot a 71 for a 140 total Russell Swanson and Peter Teravainen 
both shot 70s and were one stroke back at 141. 



EASTERN CONFERENCE 
Atlantic Hvbton 


Canadian Football Goes to Baltimore 


BALTIMORE (AP) — Larry Smith, the commissioner of the Canadian 
Football League, has formally introduced Baltimore as the league's 1 1th 
franchise. The announcement came several months after the National 
Football League spurned the city’s bid to acquire an expansion team for 
the 1995season. 

The team, which cost Jim Spews S3 million, wfll begin its training 
camp under Coach Don Matthews in June and begin its first season in 
July. The nickname, if Speros has his way, will be the Colts. An NFL 
official wrote Smith a letter threatening a lawsuit if Speros i 

tbcBaltimoi 



W L 

Pet 

ea 

New York 

35 IS 

300 

— 

Orlando 

38 20 

J83 

6 

Miami 

25 24 

J10 

9Vt 

NewJorsay 

» 24 

.500 

ID 

Boston 

2D 29 

ABB 

14W 

Philadelphia 

30 29 

A08 

14V. 

Washinaton 

16 33 

Central Division 

327 

18W 

Chicago 

34 14 

JOB 

— 

Atlanta 

34 15 

M* 

*4 

Cleveland 

25 24 

.510 

TVS 

Indiana 

24 24 

J00 

10 

Chari otto 

23 25 

A79 

11 

Milwaukee 

14 36 

J80 

71 

Detroll 

» 38 

300 

23 


«y, 

! wrote Smith a letter threatening a lawsuit if Speros uses the same 
nickname as the Indianapolis Colts (formerly the Baltimore Colts). 


WESTERN CONFERENCE 
Midwest CHvtskm 


Gretehen Fraser, Gold Medalist, Dies 


SUN VALLEY, Idaho (AP) —Gretehen Fraser, the first American to 
win an Olympic gold medal in skiing, died Thursday of natural causes at 
the Wood River Medical Center. She was 75. 

known today as the giant slalom. She afcotook the silver medal in the 
combined slalom and downhill. 


For the Record 



W L 

pa 

OB 

Houston 

35 13 

727 

to 

Son Antonio 

37 14 

725 

— 

Utah 

32 18 

A40 

4Vi 

Denver 

23 26 

M9 

13 

Minnesota 

15 31 

333 

20to 

Da Mm 

6 44 

.120 

30V5 


PoORCDivWon 



Seattle 

36 11 

766 

— 

PlwenU 

32 15 

601 

4 

Golden State 

29 20 

sn 

8 

Portland 

28 21 

JS71 

9 

LA Lakers 

18 30 

J75 

MW 

LA Clippers 

17 30 

-362 

19 

Sacramento 

16 33 

-327 

21 

THURSDAY’S RESULTS 


New Jersey 

27 33 

M 

21—117 

Boston 

23 17 

27 

31— It 


Chvonev ti-k 5 - hi SO. m tt wMi Minnesota 
4S (Loettiw a). Washington 57 (Gugl Urtlo 11). 
A«irt» Mlunmotn % (Win toms 13), Wash- 
tnoton 25 (Adana 13). 

Seattle DUD 23—112 

Miami 3* a 22 M— 115 

S: KrnnpfrlB 10-12 22. Schrempf MI 4-7 22. 
M; Rice M0 7*7 TIL Smith 11-22 54 32. Ra- 
boande- Seattle <1 (Kemp 13). Miami 38 
(Lena 7). Aww*— Seattle 13 1 Payton 5), Mi- 
ami 21 (Lana Smith, coles 4). 

Mow Yarn If 21 50 M-102 

Cleveland 24 30 27 20- n 

N.Y.: Evrino 8-176-622. Storks 13-153-1 3Z C: 
Oawhertv 6-13 10-11 72. Price 8-16 2-2 20. Re- 
hoatMfs— NcwYork44(EwfnsV),Clavetond54 
(Hill 15). Anlsls— New York 26 (Starks 7), 
devetand 26 (Price 11). 

IMtaea 16 21 23 25-M 

Dellas 17 U 16 22-73 

I: Miller 8-13 W 22. Remlna 6-12 7-« if. D: 
Wtoshburti 6-1B W 17. Jocfcson 6-17 M 14. Re- 
Meads — Indiana 57 ID. Davis W. DoOas 61 
(Jones 11). Assists— incHana If 1 Workman V], 
Dallas 21 (Lever 5). 

Detroit 20 27 21 38- 76 

Son Antonio 22 38 H 34— US 

D: Elttott 7-21 7-2 20. Hunter 124t 2-3 26.S: 
Roam son 12-28 HH7 34. Del Nearo f-17 54 23. 
Retaande— Detroit 54 (Mills 161# San Antonio 
54 (Rodman 221. Assists — Detroit? (Mills. El- 
liot). Houston, Hunter 2). San Anton to 31 (Rob- 
inson 10). 


Alfaafa 38 27 24 26-115 

Go idea State 33 S 23 II— n» 

a: Wilkins 13-JB 7-7 36-WUlh 8-12 44 28. G! 
Webber 10-14 1-4 71. SpreweU 5-20 7-10 2aRe- 
beamlt— Atlanta SSI WKiblOl.Gatden Stale 64 
(Webber 121. Atatsts— Altonta 3D (Bloylot* 61, 
Gotocn Stake 3S (Jatonon. SomwIL MuUTn7l. 


SOUTH 

Appalactihai St 92, Purman 76 
Campbell 77, Radtord 56 
Centenary 87. Mercer 73 
Ctanuon 77, North Carolina 67 
CoiL ot Charleston 99, SE Laotstano 78 
Coppm St. 88. S. CaraHna SL 74 . 
Geanrta St. 70. Scmfard 55 
MdrE. Shore 6C Howard U. S6 
NX. Chartotto 64. LaubwRIa 62 
N£j-Greensbon> 619, NX.-AshevillB 44 
NE Louisiana 92. Texn»Artlnalon 9T 
New Ortem 76. Loubtana Tech 61 ^ 
MIDWEST 

Oilcoao SL 11X Cent. Coraiecncot St. 88 
UoPavt XXL Dayton 77 
Drake 6X Indiana SL 63 
IHfams SL 78. Wichita SL 47 
Mkttaan St. 60. Morthweetenre 55 
Notre Dame 6& Marauede 58 
SOUTHWEST 
Arkansas SL 67. Lamar 61 
SW Texas SL 78. McNeese SL 55 
TtxavSan Antonio 89, NlChoUS Sl. 80 
FAR WEST 
Arizona 94, Southern Cal 61 
Brigham Young 96 Air Farce 82. 

Cal St.-FuUertan 84, UNLV 75 
California 80. Stanford 62 
Manhoia WL N. Arizona 85 
Montana St. 85. Weber S«. 81 
Nevada 73. UC 5ania Barbara 67 
New Mexico AS. San Diego st. 61 
New Mexico 51. 90, UC Irvine 60 
Oregon Ba, Washington 71 
UCLA 76, Arizona SL 70 
Utah St. SO. Lang Beach SL 7A OT 
WaAIngtao SL 101, Dragon SL 64 


HOCKEY 


NHL Standings 


NY Rangers 
New Jersey 
Florida - 
washinaton 
FMktdatphla 
Tampa Bay 
NY Istamfora 


EASTERN CONFUOH3I 
AHealfc DMttan 

W L T Ft* OF OA 

W 

19 
71 
23 

29 

30 
27 


76 281' MS 
67 283-158 
60 162 755 
» 1*5 173 
56 286 223 
51 IB ITS 
50 186 m 


Boston 

Pittsburgh 

M on tr e a l 

Buffalo 

Quebec 

Hartford 


Northeast DMetad • 

30 18 10 70 170.161 
18 


27 
30 

28 
• 22 

» 


69 ra 207 
AB'IM 161 
62 194 157 

4* isr-as 


Lou Holtz, football coach at Notre Dame, denied a Florida newspaper 
report that he was a candidate for the bead coaching job for an NFL 
expansion team, the Jacksonville Jaguars. (AP) 

The Green Bay Packers' injured linebacker, Brian Noble, retired 
Friday from pro football, and said he would become a broadcaster. He 
had an injury to his right knee that required reconstructive surgery. (AP) 


NJ.: Cotomcn 18-16 5-5 28. Edwards 9-17 1-7 
19. B: Douglas 6-13 2-3 14. Oliver 6-11 2-2 16. 
f ta boo ntf s Ne w Jersey 62 KMeman W.Bas- 
ton52 (Partsh9).AsiM»-New Jersey 35 (An- 
doraon 16). Boston 19 (Douglas 71. 
Mlmsofa 23 25 22 35-W 

Wfcrirfngtoa 22 26 27 32— W 

M: west U-15 *-5 26, Person 9-18 1-2 24. W: 
Goal lotto 7-20 64 18. Adams 6-12 5-7 18, 


Major College Score* 


.-; :«■ ;-!•>■. C a? t 

-1 — y.i.J 


Ottawa 

'• 7 

42 

8 

X 147 2M 

WESTERN CONFERENCE 
Central DtoWaa 

W L T Pts OF GA 

Toronto 

31 

17 

T1 

73 197 164 

Detroit 

33 

19 

5 

71 256 208 

Dallas 

31 

21 

'7 

69 2K) 190 

St. Louis 

29 

71 

8 

66 m 192 

CMcaga 

26 

26 

6 

58 170.166 

Winnipeg 

17 35 7 

Pactflc Dlvbtao 

41 173 238 

Gotoarv 

30 

30 

7 

49 218 WJ 

Vancouver 

29 

2B 

1 

18 118 W4 

Son Jose 

31 

26 

11 

S3 163 189 

AncTwIm 

23 

32 

4 

50 167 183 

Lob Angeles 

21 

» 

6 

48 207 223 

Edmonton 

15 

36 

9 

» 181 231 


EAST 

Hotstra 77, Rhode island 67 
Maine 74, Hartford 73 
Now Ito n ipsMni H Vermont 70 
Raaort Morrts 85. St. Francis. NY 70 
Siena KBL lana or 

St. Fronds. Pa 86. Long island U. St 
Towson Sl. 86. Md.-Baltlmora County 79 


SRCOND ONE-DAY INTERNATIONAL 
HA vs. Srt Lanka 
Friday, la Hyde rab ad, IwBa 
Sri Lanka Innings: 228-7 (SO men) 

India Inninas: 227-3 

indta own by sewn wlcfcels and leaB serto»24l 
SECOND TEST 

Fataston vs. New ZO atam t, Second Day 
Friday, in Wdtlagtea 
Poktston 1st Innings: 398-4 (W2 avers) 


THURSDAYS RESULTS ■ 

HarTtord 2 1 1—4 

Firtsbarab 222—4 

F*rd Period: P-o. Brawn 14 (C. Brawa) ; H- 
Verbeek 28 (Sonderaon. Nvhmder); P-D. 
Brawn 15 (Sandstram. Mcendwmt; H-Oos- 
sels 8 (Verbeek, Pranger) 1 (pp). Second PerV 
od: H-Verheek29 (Nytander, Sanderson); P- 
WurahvM (Stevens. Toadietl.-PMcEadieni 
9 (Sandstram). Third Period: H-Nyketder 10 
(Storm); FL5lev«ns32 (Tocchett, Fronds); 
(PP). IP-StapMoa 7 (TocOMtL Stevens} ; 


fpp): Shots an goal: H Ion Barraao) 91-11- 
13-aSL, P (an Burtae) 11-8-15-34; -■ 

8 1.8-3- 
• ■’ 1MW. 

>W T>ariod: ' TrApdersaan 12' (SavnU 
Cretgtrtoini} : T-Bt^noa 6.t*)T-Cn*B 15 (Brod- 
taY.taynalk). Socoad period:. MLeCtotr-n 
(DfPletra. Brtntads).TMn6 Ported: MMuO- 
•r IS (BeBdws, Brtsebptsli DMXPIetra .f 
(DatoneaulO: T-aw mb ora 9‘ (Bradter,' 
KHmQ); (pp). Shots on goal: M ton Puppa) 8- ' 
RHc-tt.T /on Kuatart ?W4-8ft : 

•• : k- 

Second Period: T-Oartt 38 (Pe«aon»; T- 
Clark 27 (SajwootLltoarabn).T N I( il F arte d ; 
N-LNIederqiayer 9 (Stevene, 2MWitdN: . 
(pp). Shote ea gad: Vu. (on Patvtal 13S6- 
l»r-38.T tanaradear) 18*8-36...- . . - 

v ra c wi ve r . : a.ri'.M. 

aurago,, (M l; 
nrsf-p wW: 

Lummelr (W»l. V-Bura 34 (Rondns.Cocrt- 
naUM Ua>J. Second Parted: C-Roseen. T.lfc 
Suitor. LemlfUK): .C-Dubtasky 1 (B. Salter. 
Stuaifs);' V-Lumme 7 (Linden, (tormina). 
TOW Ported:- V-Mamerao IT (Craven, Ad- 
ams). Shots a* goal:- V. ton BeWourt >5-6- 
12-33. c (on Whitmore) 10-11-7—28. 

Quebec : ' t 

Son JMe- 1 1 > 8-8 

FQ»r Perted: sJ^Garaaotav n'fNartaa," 
RoJWe) ; (Pol. (MCorawaky is (soodUv So- 

Wc); (Hllcd is (ButrJwr): (sh)CMUccn« 
mvna, Rudnskv), Second Parted: Q-Pv- 
draicy 7 (Fraser, 9ddc)i Q-Wcd 17 (SoHc - 
Stadta); (pp). CHUed 18 (Baewn. Fraser); •' 
S-L-Eltk u (Fed tom DUcheSnel.TliSntPerl- 
od: O-fUccf 17 <Baseen); W-TOeng lT(Ru- 
ctasfcy). Shot* ao goal: Q Can irba. HUM n- 
18-1 V— <a SJ. ton FM) 5*7-22- 


CLEVELAND— Asraed la torme with Grea 
Briley, outfielder, on m in or ton gu e Contract* 1 

MINNESOTA— Aareed to tonrnwtm Al«. 

Cote, oitfldder, mr mlmr-teogw contract. • 
ICY- YANKEES- • Aa reed to term with. 
Dave snvestrt. tnBektor. an 1-year contract - 
■ OAKLAND— Agreed to forme with Dtokla 
TNm, InNeider, on mlnor-iaaBU# contract. ' ■ 
TEXAS Agreed la term with Kevin < 
Brawn, MRDer. an Vvow oontroct. - 


LOSAMSeLES-Agreed loiehns wttfJ TO**- 
wnnom attetwr; and Henry nodrtac and.' 
Rail! Mdndesc wiMl elder i l-rear contracts. r 
MONTREAL— Agreed to terras WUh GB Ho- ;. 
retfidprtcher.anrfGtannftWrTOYjo irt fleldar'. ' 
00 lyev contracts. . :\J 

■ PHILADELPHI A - . NmnedOtofc Aden twtf 
tag imtroctor. 


SAN DtEO O Ao rau d'ta terms.wtfh Ptilt 


Ptertfler, o uM l eklur^ m 2-yeor oantract ’ ? 

■ ■ ;■ - bamceAaix . ' v 1 - 


IT ' 

\f.. . 

CM c 

IT- - .-1 
IWT ' - 

2T- 

lC".\4 

id3 ' - 

“r 

SE - -’* ' 

Ujup: ' ■’ 
»=>■.. 

1 ggtP*i 


S&‘- * 

tr? ’ 
EE-S- ■ - ? 
■5-'^ -*"• 

Ifcns ' 

Wn. -%*■ ; 

KT3C 

»*■» ■ - : 
so - ’ 
wee - ’ : 
-- 

isr -r-:: 

ft®? ■ : 

n-t 
ba=- : '- 
CE : > V . 

t . l ?«•-.; - 

tajh - . 

e: ~ .'. 

ris-2 

fcotz - • 


- ttott— iri . B aMrt boB Assedottoa ^ 

- charlotte— M aned Ttm Kemptad.9op^ 
ward, twiKtavTWdract. Put Sadr BurrelLr. 
fartw in d, ea Wared OsL . p 

OflCAGO-Fut-Ttad Kukac fartoont-wr 
hatred IBsL Adhrcl»»dS<KeyKlrig,tafwgriH- 
centor. un bdored Bst. - • 
DETlWri ; -^TrwtftaDlda«yPof5tataL roofer.- 
oWd Dcvtd WogcLtarwon f, to Socranwntq tor- . 
Putm C o usw iNLeoraeriandad-nwndFMcilnr' 
19M..179S and 1978 droits. - . 

tt.Yr-Acttvnted Hubert- Davis, jNiard. Puf, 
Ertc Anderaan, ferwont on (nfurad lt*L 
PHOENlX-Acttvatad Charles Bander/, 
torwera. amt Ddrvnr Abase, guard, tram to-; 
tured Rst. Put Friadi Jotaawn.gaard.and Jeiw 
rad MustuL forward, an Inlured.llsL " 
SACRAMENYD— Vtatved Even Burra, tor- . 




TRANSACTIONS 


bsauu. 


WASHINGTON— Showd' Ron.' Andertad, 
torwprtlrto HMor eontratf. 

. FOOTBALL ■ 1 


) Sou - 

iswrirv-- 

Swat - : ■ ■ 

■■syz. ■ 
Stei r ■ v ' 

- ' .. 
■&ZZ ' " 

Sl 

fctoi -rs - 

E5*E.-ir ' 

. j- 


BALTIMORE— Agreed to tonne wUh Joff 
Tochett catcher, on V-Voor contra ct 
CALIFORNIA A gr eed to terms wHh Er- 
neet Ritas. tafleMw^mmlnarleagaecoidracL 
CHICAGO WHITE sox— Agreed to terms 
wflhTWnr Leach, pttctwr, oa tataorMwa u e 
coidracL 


ATLANTA— WOfvedSfevo Bnxand run-, 
ntng bqcfc; Frank GtannettUh i ebOB h er j id-' 
Brian' MlhdietL cdroertMck. 

DETROIT— Waived Mktnel.. CWer, Bne^ 
backer. - 

GREEN BAY— Named Lorry Brook* UK 
tensive line coach. 





| DACKE 


ill ; 

jj 


COWLAL 


nr 

jj 




Y \ V N — Noe *nwso« »* drdaJ kdas B 

f I (I ( i km Ft MOtM n>K w <uo- 


(•nmUontol 

tMSR LUSTY BOCSGE SCURVY 
Wtol M nn4 lehor kune In Baufflin 
3BW-AD7Y SUCKED 


To our readers in Austria 


Ifs never been easier 
to subscribe and save. 
Just call toll-free; 
0660-8155 
or fax; 06069-1 754 1 3 


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SPORTS W 


INTERNATIONAL HERALD TRIBUNE. SATURPAY-SliNPAY. FEBRUARY 19 * 20, 1994 




■M 




Olympk TV Schedules and Events Germany Stuns Russia to Gain in Hockey 

Saturday’s Event* - J " 


Saturday’s Events 

AH times are OUT ■ 

Alpine Skttag - Women's downhill 

iooa . . • 

Bobsled - TWo-man first and second 

mns, 0900. - 

Cro— Co untry Skflna - Men's IS 
KUonwtsr free pursuit, 1 130. ' 

Hgure Sfcatfag - Men's freestyle, 
1600. 

Ice Hockey - Canada vs. Stoyakta, 
1400; Italy vs. France, 1630;.Urtted 
States vs. Sweden, 1900. ' 

NonHc Combined - IndhriQual is ki- 
lometer cross-country, 0930. ' 
Spsedrta B ng - .Women's 500 me- 
ters, 1300. 

Saturday’s TV 

amore V 

AS times are local . 

Austria - ORF; 0600-0950, 0950- 
1730. 1800-1845,2140-2366. . 

Britain - B8C1: 1215-1716; B8C2: 
0945-1100, 2010-2206. 

Bulgaria - BNT/ Channel 1: 12OQ- 
1330, 1 700-1945, 2205334$ dMW Wf 
Zi 1700-1740. 2055-2330, 0030-0100. 
Croatia - HRT/TV2: 1640-1845. 
19&J-2145, 0050-0150. ' 

Cyprn* - CYBfe; 1715-1745,2030- 

2100.2230- 230$ 

Cxadi RapuMc - CTV/Channel 1: 
0915-1330, 1945*01$ 23QWXJ05; 
Channel 2: 1455-1 730. 2115-2245. 
Denmark - DFt 1050-1300, 1530- 
1800, 2115-2145; 0003-0103. - 

Ealonta - ETV: 112CM600, 1915- 

1945. 2145-2400. 

Finland - . YLE/TV1: 1110^160$ 
TV2; 2200-2400- 

France - FR2: 1034-1255, 1725- 
1945; FR3: 0930-1 000. 2005-2025: 
TFi: 1055-1215, 2045-2235. 

Garmany - 2DF: 0950-1730, 2055- 

2330. 

Greece - ET1: 1230-1300, 1515- 

i7oa 

Hungary - MTV/Channel J; 1336- 
1500, 2005-2020; Channel 2: 1100-' 

1300. 2230- 0050. ' ' 

Iceland - RUV: 0960-1100, 1255- 
1400, 1650-1750, 1825-1855, 2240- 
2310. 

Italy - RA12: 0035-0030; RA«:1050- 
1400, 1730-1800, 0035-0130. 

Latvia - LTV Channel 1: 1915-1945, 
0030-0100; Channel ± 1055-1530. 
Ltibuanta - LRT: 1320-1430, 2130- 
2150,0030-010$ 

UnMAoug - CLT: Highlights on 
evening news, 1900-2000. 

Macedo n ia - MKRTV/ Channel 1: 
0920-1030, 1.120-1300,- 1355-1630. 
1715-1745, 1755-1845; 1855-2130, 
2230-2300; Channel £ 0855-1330, 
1625-1900 Channel 3: 0950-1135, 
1255-1420, 1755-2145. . 

Monaco - TMC/IT: 1045-1400. 
1745-1940, 0045-0245. - 

Netherlands - NOS: 0930-1724, 
1840-1550, 2030-2315. ‘ 

Norway - NRIC 0900-1800,. 2000- - 
240a 7V2: 1845-1900, 2120-2320. 
Poland - TVP/PRI: -1210-1400. 
2200-2300; PRZ: 1000-1200, 1B40- . 

1800.1900- 2100.00050205. •- 
Portugal - 7V2: 2300-2320; RTPf. 
1100-112$ 

Romania - RTVB/Chamot 1: 1150- 
1230,, 1915-1945. 22302345. 0030- 
0100; Channel 2: 2055-233$ 

Russia - RTOr 1220-1330; 2140- 
003$ RTTt 1250-152$ 1600-170$: 
21252155, 00M)-01 25. 

Slovakia - .STV/SK; 0600-0630, . 
1020-173$ 1816-1B45. 2100=2245. 
Slovenia - RTVSLO: 1030-1345, 
1956-2015,20454)045. ' . ’ 

Spain - RTVE: 1000-240$ :TVE2: 
Starting at 113$ ■ 

Sweden - SVT/TV2: 1015-1230, 
1330-1430, 2000-240$ Channel 1: 
1230-1330,1930-2100. - 
Swttcariaud - TSR/TSl/DRS: 0955r 
1330, 1355-1620, 1 855-2340:, S+: 
1900-223$ 

Tortny — '. TRT: 1735-1815. 2150- 
000$ 

Ukraine - DTRU/UTT: 1120-1330. 
1815-1645, 1955-0100, 2100-010$ 
UT2: 1800-1945. 

Eurosport - 0000-2245. OlOOoon- 
tinuous coverage. .. ' - 

ASIA /PACIFIC 
AB times are local 

Australia - Channel $2030-010$ : - 
Near Zealand - 7V1: 0700080$ 
2130240$ 

Japan - NHK: 2200-2400 (general); 
1230-1500, 1.800-0630 (aatellHe); 
1300-1S00, 1900-2200 (HJ-VWon). 
Papua Near GMnea - EMTV: 0830- 
120$ 2200-000$ 

China - CCTV: 2100-2400. 

Hong Kong - TVB; 24004)1 Oa . 
South Kona - MBC: 1400-1700. 
01004)23$ 

Malaysia - TV3: 23154X715. 
$bigapom - SBC/ Channel 12: 2400- 
910$ 

Star TV/Prfme Sports - 0900-100$ 
1230-203$ 0200-060$ . 

. NORTH AMERICA . 

• AH times attsEST 

Canada - CTV; 0500-0600, 0900- 

1700. 1900- 2200. - 

United States - CBS: 1300- 1800, 

1900-2300. 2335-0035. 

Maxim - Televisa: 1100-140$ 2200- 
£230. 


Sunday’s Event* 

• warn* amour 
- ~ Women's combined 

Jpwnhffl.iooa- 

BtaWon Men's20Mtomater. 0900. 
"“wed - Two-Man tWnf end fourth 
runs, 090$ 

' “ tee dancing wigt- 

nab, l60Ct _ .* v 

jw HoflMy - Russia vs. Cz&ch Re- 
J 40$ Germany vs. Finland, 
. im Norway ya Austria. 790$ 
r 1 IOmeter special 

lump. 120$ . 

- Men's 10.000 me- 
ters, 1300. .. 

;:«widv’iTv:v 

C: 1 EUROPE . 

... - . AH times are local 
Austria -..OfiF: 06000900, 0955- 
180$ 1945523$ 2305240$ • . 
&Wn - BBC2: 0955-150$ 1900- 

Mdoarie - BNt/Channa» 1: 1155- 
151$-' 1555-1630, 1915-1945, 2l40- 
224$. Channel $ 215042330, 0030- 
010$ 

; Croatia - .HRT/TV2: 0945-184$ 
22254)000. • ' - 

Cyprus - CYBC: 1715-1745, 2030- 
210$ 2230-230$ . 

Czech RapuMc - CTV; 0915-1730, 

. 1945-2015,2320-0005. 

Danmark - DR: 0945-173$ 214* 

221$ - . i 

Estonia - ETV: 1055-1830, 1915- 
1945. - . . 

. Finland i- VLE/TV1* 1045-1700. 
1840-212$ TV2: 1 700-1 830/- 2120- 
2245. 

France FR3: 1045-123$' 14C6- 
1550, 1555^1755, 2005-2039, .2050- 
214$ • • - 

Oanaany - ARD: 0945-2200, 2240- 
000$ 

Oraece — ET1: 0000-01 0$ ET2: 
1915-1945. j.- .... .. 

Hungary - MTV/Charmel 1: 14S5- 
1730, 2200-2230. 

Iceland - RUV: 1155-1515, 1650- 
. 1750, 1825-1855. 2305-2335. 

My - RA12: 4)015-020$ RAI3: 0955- 
144$ 1730-180$ 2000-2020:'. 

LaMa - LT : 1055-154$ 1915-1945, 
0030-010$ Channel 2: 1065-133$ 
LRhuania - LRT: .1100-133$ 2000- 
2315. 

Luro m bo ur g CLT: Highlights on 
evening news, 1900-200$ . : - 
Macedooie - MKRTV/Chanriel 1:' 
0865:1340, 1355-1830, 1715-1745. 
1755-1830, 1856-2130, 2230-230$ 
Channel 2: 0695-1130, 1295-160$ 
1755-204$ Channel 3: 0950-1125, 
1155-1455,1625-1900. 

Monaco — TMC/IT: 1000-1200, 
1600-1 925, .2300-01 15. 

Nathertandft - NOS: 0930-1310, 
1345-1805, 20304235$ 

Norway - NRIC 0900-180$ 2000- 
24Q$*tV2:.1845-190$ 

Poland - TVP/PRi: T10IH150, 
1645-173$ 2100-230$ PR2: 0955- 
1100, 1400-161$ 1900-2100, 0005- 
0106. ; — 

PDriugal 7V£ 2300^30$ R7P1r 

1100-1120. .7. • 

Romania - RTVR/ChannA 1: 1545- 
1695.- 1745-183$ 1915-1945, 0030- 
010$ Channel 2: 2000-2240. 

Russia - RTO: 1155-1430, 1655- 
1930, 23002400, OC8£M7J3$ RTH: 
2210-234$ 0030-010$ 

fljmreMa - . STV/SK: 0600-W3$ 
095W545, 

stevento - RTVSLO: 0935-1830, 
19SS-20I$'2045-2120, 2305-233$ 
Spate — RTVE;- 1000-2400. TVE2: 
Starting at 120$' 

Swedecr - SVT/TV2: 0945-1145, 
1500-160$ 2000-220$ Channsi 1: 
1145-150$ 1800-1730,.- 
ttdl roila nd - TSR/TSI/DR& 0955- 
120$ 1255-1730, 1825-232$ B+: 
1300-1730. 

Turkey - Tim 21304)13$ . 

Ukraine - OTRU/UT1; 1055-1330, 
1800-1840, .1955-2045, 2130- 
2200^230-01 0$ UT2: 1700-1 740. . • 
Euroaport - 060$2300, OlOOcon- 
tlnuous coverage. 

ASIA/PACIFIC 
. . Ag tones are local. 

AwtraKa - Channel $ 2030010$ 
New Zealand - TV1: 07000800, 
21304840$. 

Japan - NHK: 22002400 (general); 
1230-1500, 18000630 {satellite); 
1300-150$ 19002200 (IMIWon). 
Pepua Naur Gubiea - EMTV: 2030 
223$ 

China - CCTV: 20002400 . 

Hong Kong - TVB: 24004)100. 

South Kona - KBS: 01004323$ . 
MBC: 1400-1700, 01004)23$ 

Malaysia —TV3: 2315-0015.: 
Stagaporo - SBC /Channel 2: 2400- 
010$ . 

Star TV - 0830-1 41$ 17004)80$ 

NORTH AMERICA 
AB times era EST 

Canada - CTV: 0900-170$ 2000- 
230$ . - • 

United States - CSS: 0900-1 200, 
1530-1 800. 2000-230$ 2336-0035. 
Mexico - TetavtoK 1200-1500, 2200- 
2230.:-- 


Monday’s Events 

AH times afa GMT 
Alpfrw Skiing - Women's combined 
abtom- first Rm, 083$ Second cm, 
1200 

Cnam Country Skting - Women’s 
4x5 kikxiwiwm rol^, 0S30. 

FH)Uf* Skating - lee dancing, free- 
style. 1800. 

Freestyle Skiing - Aerials semifi- 
nals, 083$ 120$ 

Sp— M ee t ing - Women's 1£00 mo- 
rn, 1300. 

Ica Hockey - Sweden vs. Canada 
140$Stovakiav8. Frmoa,163$Unlt- 
ad States vs. Italy, 1900. 

Monday’* TV 

EUROPE 
AH times me best 

-Austria - ORR 0600-1730, 2015- 
2355. 

Brlteln - BBC2: 1415-1550, 2000- 
? ?x\ 2315-2355. 

Butgaria - BNT/CHarmel 1: 1030- 
150$ Channel 2 : 1555-910$ 

Croatia - HRT/TV2: 1355-1920, 
2245-0045. 

Cyfoua - CYBC: 1715-1745. 2030- 
2100, 2230-2300. 

Czach RapuMc - CTV: 915-1730, 
19454)005. 

Danmark - DR: 1020-1145, 1450- 
1730, 2130-2215, 23334)033. 

Estonia — ETV: 1120-1245, 1365- 
1945,2130-2400. 

Finland - YLE/TVl: 1110-1830, 
20554)015; TV2: 1900-1930. 

France - FR2: 0924-1^5, 1706- 
1955; FRS: 1255-1400, 2005-203$ 
TF1: 2050-2245. 

Garmany - ARD: 0915-174$ 2015- 
2230. 

Greece - ETC 0830-0900, 1700- 
180$ 2200-233$ ET2:1915-1945. 
Hungary - MTV /Channel 1: 1207- 
1237; Charnel 2: 1455-173$ 1905- 
2055,2200-100. 

teefamd - RUV: 0825-1045, 1825- 
1B !S. 2200-2255, 2315-2345. 

Raiy - RA12: 0925-1145. 2415-2800; 
RAG: 1155-2020. 

Latvia - LT: 1120-1245, 1915-1945, 
00304)100. 

LHiuanfa - LRT: 19554)000. 
Lnaewbpnrg - CLT: Hlghfights on 
evening news, 1900-200$ 

Macedonia - MKRTV/ChanneJ 1: 
0825-1020, IIS-1345, 1625-190$ 
Channel 2: 0920-1045, 1255-1450, 
1755-2200. Channel 3: 1155-1350, 
1355-1630, 1715-1745, 1755-1830, 
1855-213$ 2230-2300. 

Monaco - TMC/IT: 0930-1345, 
1615-1925, 20052230, 004502 45. 
Netherlands - NOS: 0900-1725, 
7840-1850. 2030-2315. 

Norway - NRK: 0900-1750. 2000- 
240$ TV2: 1845-1900, 2130-2330. 
Poland - TVP/PRI: 0915-1100, 
1830-1855, 2130230$ PR2: 1 105- 
1400. 1605-1725, 1905-2100. 0005- 
0105. 

Portugal - Tva 2300232$ RTP1: 
1100-1720 1 

Romania - RTVR/ Channel 1: 1120- 
1245, 1500-1650, 1915-1945, 2200- 
010$ Channel 2: 1555-183$ 

Russia - RTO: 1355-1530, 1830- 
190$ 21404)03$ RTR: 1220-1400, 
1655-1930, 213S-2206t 
Slovakia - STV/SK: 0600-230$ 
Slovenia - RTVSLO: 0906-1386. 
1700-1845. 1956-2015, 2030-2305. 
Spain - RTVE: 0990-240$ TVE$ 
1445-1500. 

Sweden - SVT/TV2: 1015-1145, 
1445-1655, 20002145; Channel 1: 
1655-1730, 2145-2300. 

SwBaariand - TSR/TSl/DRS: 0930- 
1130, 1400-160$ S+: 1300-1730, 
1900-2300. 

Tiakay - TRT: 1930-2030, 2115- 
2400. 

Ukraine - DTRU/l/TI: 1120-1245. 
1400-144$ 1660-1645, 19554710$ 
UT$ 1915-1945. 

Euroaport — 0600-conflrwoua cover- 
age. 

ASIA/PACmC 
All times am local 
AustraKa - Channel ft 20304)10$ 
Naw Zeeland - 7V1: D700-0800, 
2130-240$ 

Jwmn - NHK: 2200-2400 (general); 
1230-1500. 18004)630 (satellite); 
1300-150$ 19002200 (Hf-VWon). 
Papua New Guinea - EMTV: 2100- 
233$ 

CMne - .CCTV: 2100-240$ 

Hoag Kong - TVS: 24004)1 00. 

SeuBi Korea - KB& 1000-130$ 
MBC: 1430-1730, 24004)13$ 

Malaysia - TVS: 23154)01$ 
Singapore - S8C/Channe!l2:2400- 

mo$ 

STAR TV/Prtma Sports - 0900- 
1445, 1600-conttmjous coverage. 

NORTH AMERICA 
AH tones are EST 

Canada - CTV: 0630-1200, 1500- 
1700,20002300. 

Dotted States - CB&0700-0900, 
1300-1800,2000-2330,0107-0207. 
Madco - Trtevtea: 0700-1100, 1700- 
1900,2330-240$ 

.titiOmrnOmpmifkktcItiYlhalOC, TWl 
and fntividuat broadcaster; cornpitad 
fy the International Herald Tribune. 


Compiled bv Oar Staff Front Daf&cke 

LILLEHAMMER — The Ger- 
man team celebrated as if it bad 
won the gold medal Friday after 
dealing Russia its second fanmniai- 
ing defeat of ibe Olympic kc hock- 
ey tournament and earning a quar- 
terfinals place with a 4-2 upset. 

The victory put Germany 
through with Russia and Finland, 
which beat Austria 6-2 in the Cav- 
ern Hall in Gjocvik. The Czech 
Republicdcfeausd Norway 4-1 Fri- 
day night to take the fourth slot in 
itspoal 

Germany stunned the Russians 
by taking a 2-0 lead on pwer-play 
goals by veteran Bemd Tnmtschka 
in the first 10 minutes. 

Trimtschka had had no goals 
and just one assist in IS games in 
three previous Olympics, But be 
scored at 7:00 of the first period as 
a delayed penalty was being sig- 
naled against Russia and on apow- 
er play ai 10:12. 

Leo Stefan tapped in a third Ger- 
man power-play goal past Russian 
goalie Sergei Abramov for 3-0 in 
the 25th minute. 

German goalie Klaus Merit, who 
made 32 saves in the game against 
14 for Abramov, shot out the Rus- 
sians on til the 36th minute. 

Pavd Torgaev then scored at 
!S:12 of the second period on a 
rebound of Georgi Evtyukhin’s 
shot. And Alexei Kndashovcut the 
lead to 3-2 at 1:39 of the third with 
a shot from the inside edge of the 
right curie, over Merk’s right arm. 

But an expected third-period 





Olmr Mfi&httpf Agract France- Prou: 

Handrick Joerg of Germany took a spiD as two Russian defenders dosed in on Mm Friday daring in Germany’s ice hockey upset 


as the Russians couldn't gel around 
Merk, and Germany grabbed the 
momentum bade when Wolfgang 
Rummer stole the puck in cento* 
ice and fired a 50-footer between 
Sand Abramov’s pads. 

The jubilant Germans poured 
over the boards to congratulate 
Merk as the final horn sounded. 
The Russians lined Dp quietly, 
awaiting the traditional nann-thate 
with their opponents. 

The Russians, inexperienced 
heirs to (he Moscow-based dynasty 
that won seven Olympic titles, had 
been weakened by an exodus of 
players to North America. 

“The begmnmg of the end to the 
dynasty came a long time ago,” 
Russian assistant coach Igor Drmi- 
triev said, referring to the High! of 
Star players to the National Hockey 
League across the Atlantic. 

“Maybe it is time to start talking 
about ibe end,” he said. 

With the trickle of Russians 
rushing to the NHL having turned 
to a flood, die old hockey dynasty 
is struggling with the leftovers. 

The Soviet Union won seven of 
nine gold medals. The Unified 
Team that succeeded it won in 
1992. Only the United States brake 
that iron grip, in 1960 and 1980. 

But now, its defensemen are me- 
diocre, the go&ltoDdiQg is suspect, 
and the future is the dimmest since 


the Soviet Union's first Olympics 
38 years ago. 

Russia locked up a playoff spot 
for these Games, but Dixmtriev 
knows the ooce-powetful machine 
is mi«ing important parts. 

“We’ve disappointed our fans at 
home and everybody else,” he said. 
“We made the same defensive mis- 
takes as against Finland. The de- 
fense is the weakest point of the 
team.” 

But the current team has no for- 
mer Olympians. Of the 22 Unified 
Team players, 19 went to the NHL. 


And Russia has had just two years 
to restock. 

Germany’s best previous perfor- 
mance in an Olympic tournament 
was a bronze roerfai in Innsbruck in 
1976. 

*T expected we could do much 
better than ever before." German 
coach Ludek Bukac said. Germa- 
ny’s only previous hockey medals 
were bronzes in 1932 and 1976. 

Russia endured a 5-0 whitewash 
by Finland earlier in the tourna- 
ment, but victories over Norway 
and Austria, the two weakest teams 


in the pool, were enough 10 give 
them a place in the final eight. 

“We are losing our self-confi- 
dence after these losses. The most 
important thing now is to rebuild 
the spirit of the team.” Dimitri ev 
said. 

The Czech victory ended the 
Olympic host nation's dream of 
reaching ibe quarterf inals 

Jiri DolezaJ and Tomas Srsen, 
with medium-range slapshots, and 
RadekToupaL from the edge of the 
crease, struck within two minutes 
and 16 seconds at the end of the 


NHL Considers Break for Games 


The Aaaaated Pros 

LILLEHAMMER — The Na- 
tional Hockey League is moving 
closer to shutting down for part 
of the 1998 Winter Games so its 
stars can play on thdr national 
teams, ConmnsricoerGaiy Bett- 
Tnim said. 

Bettman has met twice here 
with the International Olympic 
Committee president, Juan Anto- 
nio Samaranch, and Gunter Sa- 
betzki, head of the International 
Ice Hockey Federation. 


“Our goal is to have a frame- 
work in place by summer,” Betl- 
man said Thursday. “If we can't 
get oni of the gate on tins one, it 
may not get done." 

The first step was taken last 
week when the NHL and HHF 
agreed to work on a framework 
for the league to take a break 
during a portion of the 16-day 
1998 Games in Nagano, Japan. 

The move would affect many 
of the teams in the Olympics and 


of play. Unlike the basket! 


competition at the 1992 Games 
in Barcelona, in which the UiL 
“Dream Team” was the main 
beneficiary of National Basket- 
ball Association talent, the 
Americans, Canadians, Czechs, 
Finns. Russians and Swedes all 
would benefit from the infusion 
of NHL players. 

One of ibe main stumbling 
blocks is theNHL’s regular sea- 
son. The league doesn't want to 
suspend play for the Olympics 
because dub owners would balk 
at the lost revenue. 


first period to put the Czechs ahead 
3-0. 

The blitz appeared to kill off the 
unrated Norwegians, who have 
never been among the top eight in 
the Olympics but who had hoped 
that the home advantage would 
help them beat the odds. 

In Gjoevik, Marko Palo made it 
1-0 after only 1:31 and Finland 
swept to its fourth consecutive win. 
Hannu Vtrta added a second in the 
29th with a slapshot from a face-off 
pass. 

Canadian-born Kenneth Strong 
pulled one back for Austria three 
minutes later, but Ville Pelt one n 
tapped in a rebound in the 38th 
mnuie to reclaim a two-goal ad- 
vantage for Finland before a one- 
sided third period. 

Little more than honor was at 
stake, as Finland had already se- 
cured a place in the quarterfinals 
and Austria, with no points, had no 
chance to qualify. 

The United States, which tied 
Onada 3-3 Thursday for its thud 
consecutive draw in the Olympics, 
could still get into the medal round 
with a tie in its next two games, or 
almost certainly would make it 
with a win and a tie. 

Second-seeded Sweden awaits 
the Americans 00 Saturday, fol- 
lowed by Italy on Monday. 


Canadian Gels North America’s First Biathlon Gold 


The Associated Pros 

LILLEHAMMER — Myriam Bedard of 
Canada became the first ever North Ameri- 
can to win an Olympic biathlon gold medal 
on Friday as she captured the women’s open- 
ing 15-kuometer event, 46.7 seconds ahead 
of fiance’s Anne Briand. 

Bedard, a bronze medalist in the event two 
years ago when women’s biathlon was intro- 
duced to the Winter Olympic program in 
Albertville, docked 52 minutes, 6.6 seconds. 
She had missed twice at the shooting range. 

Uschi Did of Germany won the bronze. 

“It was tougher today than in Albertville 
because of the odd weather,” Bedard said. “1 
was feeling bettor physically in Albertville 
after the race. Mentally I don’t know” 

“I still haven't realized what happened,” 
she added “to Albertville 3 also didn't res- 
ize what happened. Maybe IT1 realize it in a 
couple of weeks.” 

it was Canada’s second gold in these 
Games. Freestyle skim Jean-Luc Brassard 
won the men’s moguls Wednesday. 


Bedard, a 24-year-old French-Canadian 
from Lorettevihe, Quebec, has steadily im- 
proved after making ibe podium in 1992. She 
finished runner-up in the World Cup the 
past two seasons after a 28lh overall in 1991. 

Briand, a member of the French trio that 
won the team gold medal in the Last Olym- 
pics, was timed in 52:53 J after missing three 
targets. She was among the last starters, 
setting out just ahead of Bedard, in a field of 
69. 

“It's the first time I had a starting number 
Bke (hat,” Bedard said. “I was the last of the 
best, so it was a very good starting number.” 

Bedard had hex soxmd miss cm the last 
shooting range, wrth about one kilometer 
left 

“It was hard 10 know if Briand was riding 
fast” Bedard said. “But with about one 
kilometer left I knew I had 40 seconds so I 
was pretty sure that I could bold on to lhaL" 

Dul, who started 14th, picked up some 
lost pride for the German team, was third in 
53:15.3. She had three misses. 


Briand started poorly, missing twice at the 
first two slops at the shooting range, and 
thought the medal was gone. 

“This individual medal was such a chal- 
lenge that I now fed drunk with joy,” she 
said. “I wasn’t feeling very well in the morn- 
ing. I had pains all over. Then 1 started 
badly. I missed at both of the first two 
ranges, but I managed to regain my confi- 
dence." 

The biathlon combines the endurance of a 
cross-country race with marksmanship from 
the shooting range. None of (he 69 entries 
managed to shoot dean on a day with little 
wind. But the cold weather with tempera- 
tures of minus 14 degrees centigrade (7 de- 
gress Fahrenheit) at the start of the race 
affected the shooting, 

In the 15-kilometer biathlon, racers go 
through the shooting range four times, 
shooting twice prone and twice from the 
standing position at five targets in each series 
using 22rcaliber rifles. 

Each miss adds a one-minute penalty to 
the overall time. 


The Germans have struggled on the World 
Cup circuit this year, failing to win a single 
competition. 

Antic Harvey, the defending champion 
from Germany, who won in 1992 undo- her 
maiden name, Misersky, finished only ninth, 
2:05.8 behind after three misses: 

Another German, the world champion Pe- 
tra Schaaf, had a poor day at the shooting 
range, missing five targets to finish 15th, 
almost three minutes behind the winner, al- 
though she skied the course 13 seconds 
quicker. 

Nathalie Santer of Italy, who has a com- 
manding overall lead in the World Cup 
standings, was another disappointment. Site 
finished 25th, 4:00.8 behind, after right 
misses. 

Only three women shot better than the 
winner — Delphyne Heymann. a member of 
France’s world championship silver medal 
relay team, the American Joan Guetschow 
and the Romanian Adina Sotropa. They all 
hit 19 of 20 largeis. 

(AP. Reuters) 


OLYMPIC scoreboard; 


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•p: Myrtan Badont Oanadd. 
y. Am Briand. Franco 
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8: aaodto P*ehgam. s«mofW 


WEDNESDAY'S RESULTS 


G: Jaao-Lne aran u rW Canada . 
.& Saraol SboDPtefnv. Russia , . 
B: EddW Oromfronj Pronan 
Woman's Mow* 

G: SSma Use Hottastod. Norway 
S: Ur Mdrifvr* United Stows 
B; Elizaveta KMevidkava. Romto 


G: Garda wrissensteiner. iMy 
S: Sa*S entnasn. C o tm arry 
b: A«dr*d Togtartar, fcatino 


Gi Jotana CBav.Kosa, Norway 
S: MtaW tUtemm'lMttihrtemds . 
Bl- Potto ZomMrwTtoflwrlaadte 
. TUESDAY'S BESULT* 


6: Mnan R off fr S W nra tter. Itt.. ,-. 
s: Svatkmd Otadbdteva, Rotate • . 
b: Isolds Koxtasr,- Uofcr — 

CrtM.Csmisro state*' ■ 

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GlLVittov Etedmd> Ru*Nn. • . 

Sr'AlqauMa Ot Conte, {My ; . . 

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Pairs. mcRYta Pr M WW - 
& E. Gordsova and 5. -Ortnkav, Rattio 
as M, MsUartterok and AlDrtltrtev/ Ruteto 
8- L Srawtr <nf L BUtr> Canada - 


BIATHLON 


. . WOMEITC « KILOMETERS, (foroefs 
mhwdto Bsrs»fli«s«ri-^L Myriam' BadanL 
Canada® minutes. &issconflsO)?X Arne 

Brkrttar France. SfSS2 t3); 1 Ursula DW. 
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tana. SteSM CUr R. Ksnyn RRaTAtniraila, 
;RAnfl* Harv»y,C*roicw # 5i.- 1U 
Pli.Ift Lgutaa Naskovte. Mute, 54:TU W, 


n. DateTMw Hevnan From*. J4au III; 
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J3); 15. PsteaSdiaal. Oannch 
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Krista LspNi. Estonia, SSaW (Si: 

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Aitarsla Cmfc, Slavonia, WlBM IM: 45. 
toata 5uczka-totamsKU14«; 44 «mtu 
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- Helena MltatokzTb Poland, Jn+U pi: » 
JStena VsMseva EstantorSTAI (4) : S4, Ve- 
jAOa Hondo. Japan, l^DilAS W; & Tulla 
Vuokstota, PWarst.lUlhWJ 14); Sfc Koffa 
Hotonff. FMana l«:«4 <7); 57. HoHna P»- 
WPotand. 1:40:142 OK A CUrtSttna Ot- 
tond. Sweden, l^MiSSS (4K S?, Aim Elw- 
bakte Norway. VMM (51: to, Catarina 

' etlisvt -Sweden, KBK3M CS. 

SI Beatrix Hotery, Hworv. lUStOf Ul; 

a, Kanmlueanomm, uametOa. i:80'JBJ 

.. Mi- O, Cortea-MIttasto Canto*. Romania 
KOlilSi) O); Sandro Potato, Auttraita. * 
lMnau <7>J 41 Brtattta Boroedd Hunaarv. 
1^TO‘ro;4fc«rtoedfffa6ln)Apentte 
1:SU942(5KS7.Evsonita RwJOoLKvroyatan. 

VO: m. Elena Oambova AWdeva 
1:13:33,1 (Ul); Otano Peirwa-Ukrolm. osa. 


LUGE 


MEWS DOUBLES— 1, Kurt BruMor and 
vmtrtedHubsr. Italy, 1 mJnutc,36J20 seconds 
<<S3414K g ro:AHoinlorotoWandNort>>rl 
Hubsr. Ho*y.l:3L749 (4&274.0UIS1; 15 total 
Knaaoeand Jan Bctirenta, (tonnenv, i :SLM5 
MS344r48. 5S 1);AASarK6f1mtiietteand Jon» 
Bun Edwards. UnHad States. 1-JMB» IM417. 
tOJSm: 5 Chris Thorw and Ganten Sheer, 
United States, 1.-XUM MSn.4V25U 6. loon 
AoarioLConjtarttnand Uvlu Oepoi. tommla 
137J2I MAO.mMn): 7, Albert pemtehcnfco 
and AtoNOl ZtaatsU. Russia 1:37477 (4US, 
«SZ2)i 2 (ttel Rotwrl eoswad Clixy iwfc 
Canada, isajm W aw, ««j and ipor l/r- 
fcurtky awl Amfrll MukMtb ukratao, MVm 
U&738. 4&M3] ; W, Tobtas SeMota ond Atarta* 
ScMesd. Austria, vsrias («*ta. etarsi. 

11, AMs Sums and tobsrtsSWioreus,UdvIa. 
IJ7J67 (4SM9.SB51B); U Juris Vuwtau and 
OalrteLeistelJitetel:3^(«jn4WjmL-ll 
Hons Rotate eta Cart LfantevtsL Sweden, 
i a&mttadBUMte); KSteHenSfestataSto*- 
ten vMier, Goroww. laaa* wm. mmu 
u, AiutoM BoWtav Ota Cosonfl Batokov. Rw 
slaiauflo t«a»taJMKU.UBMfcSzarelte» 
and Adrien Prasetawka, Peknd. 1:3U04 
(49.104, «am; 17, Lawn TIM to* end Kama 
VUkMoMtawnL Goarata. l:39JW I4»m 
asm i U, AtstaM SasaWerxfYuH 5««*1. Jo-. 
OBVll4Ll3tl5aJ«.4*3«a; ATBWOliiy 

Komtetatov end Iwn Anautaow Kartadiotev, 
Sutoarteu l:4l/« 150*34. *427); Harold Roff- 
ssfrLrrs and Martas WeMBt Norway, 060. 


Roland Brunner, Austria, 1:UM; U Peter 
Adebero, Gemntv. I:1LU,- 14, VUMnarl 
Mlvabe, Japan l : Hta: US, Nk» van Dsr VUes. 
NettaerWHte,! :14»; lLteun I rstamL Canada 
1 :t*31 { 17. Atatsandr Gototm. Russia. 1 :H7S; 

YoofrMan Kim. Sooth Korea 1:1457: W. 
Hfcovasu SiKmftu, Japan, I:liflt; JO, vatlim 
SMatnkbayev, Kiuataistan liiSJB. 

71. Nanattsl AUlla United Slates. 1:1111; 
72. Arte Loot. NsitterlaniSs.1 :15.I2: *L Moonus 
EntaWt. Sw adsn.1 :15.U;2L Arton Sctuwidsr. 
Nsthertewh. l :i&W; 25. tobertoStetalj Itahr, 
1:1535: 2L Andrnr Bokhvctov. Russia 
1:1534; 27. AHetaei Spiaitnaon. Germany. 
1 :15A1; 28. UarsFunke, Germany. 1:1544; 27. 
Hans Mort tt t r nem. Sweden, 1:U30: n (its) 
DmW Bestoman. United States, and Alessan- 
dro Do Todkki Italy. 1:140. 

32. Kvou^fyufc Loo, Sooth Korea 1:1552; 33. 

Dies Kudramltto. Ukraine. 1-. 15.95; 34 Vtadh 
mlTXteptafevKinoWiston, ]:1W; » Brandon 
Enteri. United States. 1:1407: 34, ZsaH Bala, 
Ramaala 1:14.14; 37. PhimpTcsmindl is. Aus- 
troffa. 1 :U2f: SB. OavUe Carta, rMv,i:lM4; 
W.sune-Yeoi Joesat. South Korea 1:1444: 40. 
Ja»6hft Lee, Soutft Karoo. I;MN; Grume 
mat. Norway, DNFi NUktaA Vostmtaartw. 
Russia DNF; Aaan* se ndro ol, Norway. DSO. 


NORDIC 


COMBINED 

U mil 


SPEED 

SKATING 


MEN’S UN METERS — 1, Dan Jonsod, 
United States; i minute, a Q second mrid 
recorW 3, fgwUtetezaMsky. BekviB,i:tt72i B 
SorwH Kte«dhenva Russia 1:12*5: 4, itenabo 
Ui). China 1 :UOj 5 Svtyatn Boochtrd. Omo- 
ta, 1:1X54: L Petrie* Kelly. Canada 1:114ft X 
Roger Worn, Norway, 1:034.- bjwiIcM inoua 
Jaaan, 1:1095; 9. Gsroro Van Velde. NOter- 
lands,i:i3LH; 10, Kevto Srolt, Canada l:i3S2. 
it TosMvuM Kurnlwa Japan, 1:1195; 12. 


tile] Trood Einar Ekten. Norway. B2JL BIO, 
5: Kit and Franttsek Mata, Cradi Repubfla 
815. 815. 5; Omani; W, StanWow ustopsfcl. 
Poland. B4& 79* 5:13Jl JWfl; 20. Andreas 
Sctaod. Switzerland. 80A 834, 534A 198JL 
21 . (HO] AUar LevandL Estonia; am boa 
5:304 and Thomas Duffer. Germany, 844. 
784. 5:344 1974; 23. Hannu Manirinm, Fin- 
land. 844 834, 5:314 W74; 34. tile) Mltan 
KucaraCttch Reauhllc. B*4 7&S. 5:544 and 
Thomas Auroila, Germany, 814. 845, 5:534 
1M0; 24. (Sum RKKfMspereer. Austria. 784 
Bm 4:004 W3Jli 27, Andrea Cecon, ltotv,854 
79-5 4:034 1924; 24 IMe) Etienne Gouv, 
France, 814, 794 4:0*4 ond Tool Sorparimta 
Fbikaid. 845, 8144:044 1910; 34 Ryan Heck- 
men. United States, KL5, 77A 6:«i4 mi 
3L Fabrics Guy, France, 8SA 744 4:134 
1914; JZ. {Hel Felix GoftmkZ Austria, 844 
745, &:144 and Robert smdelmana Austria, 
844 774.4:1441945; 34. Taoto Murmrio. Fln- 
tand, 844 7844:444 IB7D; 35. Urn Tetraault. 
untied States. 844 744, 4:4341845: 35. MleMl 
Gtoafaa. Slovakia. B3& 754 7:004 UKO; 37, 
Manor FreimwTtv Estonia, 794 764. 7:014 
1835; 34 voter! Kobotev, Russia, 784. 744, 
7MA 1B0JD; 39. David Jorrett, United States, 
7847647:564 1754; 40, Voter i Stoliarov, Rus- 
sia. 844 745. 8?034 1744. 


FIGURE 

SKATING 


SKI JUMP (wttfa first and team lumps, 
puma Start! Of ISidlMMfw race, ami 
potati) — l, prea Barre Landbcro, Norway, 
935 nwlea no rattn. 347J) pototsi Z too 
inarimantt. esiordaTli AZUtanan*. 70S ; 
j.BlarteEnoanVlk, Norway. 914 9Z443A2M5; 
4 Tatasnorl Konot Jaoaa 914 924 SUL 2tt5; 8 
lMdLgdwich,U*iBM Staten. 924 8741 in mate. 
4U8candtaZeflr4lteAl$UHWB,Jatan894 
8841:4642314; 7, Jflta»-W«CuaRtet.Swltzer 
Iona 04 B&4 2^642230; 4 Kanawa. 

Jason, 804 914 fc56A 2245i 9, HtoMVvi KmiwI 

Switariana 8458741334 2165 ; 14 Jail Mom 
lUa. Finland. 854 865, 3:4342135. 

11 , Marla SteOier, Austria. 814 894 4d>44 
2118; 12. Rotate Broun, Gormony. B4 794 
4:1142894; n. Dmvtro PrawtntevUitroUw. 
M4 S5A4: JA42085: U A*a*BSfiJ Abe, Jeoon- 
8649144:3643074: 15. KnuiTWeAPOletat 
Norway. 814 814 4:434 2065: 16, Svlvain 
GuMaunw, Pranas, 824 854 5:000. 2030; 17. 


ics DANCE (Overall PttdHi otterl coro- 
pabarydancttj-l. tie. Mora Usova and Al- 
exander Zhulin. Russia, and Oksana Grits- 
ehukand Ymeni Pla1ov,RtmJo,W; 3. Jayne 
Torvill and Chrlstanher Dean. Britain, U; < 
Susanna Rahkomo and RotrlKoWw, Finland, 
M; 5, Sophie Montotte and Pascal LavaKhy, 
France, 2J>; U AnMHco Krwoyaand Vlodbnlr 
Fsdorov, Russia, 24; 1, Irma Romanova and 
laor Ymshcnka Ukraine. U; 4 Katerina 
Mrazava pad Marita Slmecek. Qecn Repuo- 
ik. 32; 9, Jennifer God star and Hendry* 
Scnomtierger, Germany, 36; 14 snue-Lvan 
Bourne end Victor Kroon, Canada. 44 
H, Toflaao Navto and Samuel GaaBan, 
Betarus. 44; 12. AIIW Staratadeu and Yuris 
Razsutoyev, Ucbeklstan, 48; 14 M tawarW a 
□raUszkn and Pavllas Vanaws. Lithuania, 
5J; W. ElUohetti Puma Ion and Jerod Swal- 
low, United States, 16: 15, Berangere Hau and 


Luc Manager. France. 60; 14 Radmila Chro- 
botova ata Mltort Brzy Xeeclt Republic. 44; 
17, Ellzoveta Slekolnttava and Dmitri Kosar- 
iron. Kaxeftteton, oB; 14 Aanteszka Do- 
monska and Morrso GtamekL PolomL72; W. 
Snl law Chernlfcovo and Alexander Sewwnka, 
Ukraine. TAt 21 EMfcO Serita and Szllartl 
Toth. Hungary, 80; ZLDJnara Nurdtaveva ond 
Musi turn settnrov. UzheUstan, 14. 


HOCKEY 


T Pts GP CA 


x-Ftnkmd 

4 

« 

0 

6 

» 

3 

x-Czedi Ron 

3 

1 

0 

6 

13 

7 

x-Germany 

3 

1 

0 

i 

10 

7 

s-Russla 

2 

2 

0 

4 

15 

11 

Norway 

6 

4 

Q 

D 

3 

15 

Austria 

0 4 

Grow) B 

0 

0 

e 

25 


w 

L 

T Ph 69 OA 

x-Swoden 

2 

0 

1 

5 

15 

5 

x-Ccnoda 

2 

0 

1 

5 

13 

6 

Slovakia 

1 

0 

2 

4 

17 

11 

United States 

0 

0 

3 

3 

10 

10 

Prana 

0 

2 

1 

7 

# 

U 

ltatv 

0 

3 

0 

8 

721 


X-odvwuMl Is auorterflnols 
Frtaoys Results 
Germany 4 R«uta 2 
Finland 4 Austria 2 
Czech Republic 4 Norway 1 
Germany 111—4 

Ruts 0 I V— 2 

Ftraf period— I, Germany, Bemhcmd 
Tnmteddm,3.Gennanv. Bernhard Tnmtsch- 
ka(pp). Penolftey-RKhard Amorm. Get 
Ihokflngl: Aleuei Kudastav. Bus ( hooking 1; 
J arson Merer, Gee (taut tool. 

Second period— 1 Germany, LM Stetan 
(Thomas BrandU; (pp). 4 Russia Pavel Tor- 
tMv, Panel ties Se ro ol stwndetew, Rus {In- 
terference!: Sergei Standelev , Rus Icnm- 
dMcfclnel; Deiufwra TYunJschka, Gar (htoh- 
sHektoa); Dtog SharaaredsM. Rus (frlptHno); 
Berahcrd T/wrtKhka Cor (tripping); MtoM* 
gong Kummar. Ger ttagh-stickmoirwo 
Third period— & Russia MtM Kudastav 
tseraei SoraMn): i. Germany, WoHgang Rum- 
mer, Penaltha-HSearal Evtyutd*v Rus drip- 
Olngj; Wolfgang Rummer, Ger (holding). 


Shot* on goal— Germany 46-0—14 Russia 12- 
M4-N Goollt-t— Germonv, KkmaMerM (34 
mots. 32 saves). Russia. Sergei Abramov 118- 
M). 

FtotaM 1 2 3-4 

Austria ■ 1 1—3 

First period — 1. Finland. Marko Pate (Eso 
KesUnen); Pena tries- Werner Kertti, Aui 
(hooking); Marty Doilmon, Am (tripping); 
Kentwln Strang, Aut (roughing); Pasl Sor- 
munon. Fin (rauanlna); Hannu Vlrla. Fin 
(holding). 

S e uu nd period — 2 Finland, Hannu Vh-ta 
(Marko Klprusoy,MlkoMakrio) ; (oo).l Aus- 
tria Kenneth Strong (James Burton); 4 Fin- 
land, Vine Ptnanen, Penome»-Mllni Stroenv 
here; Fin (NasMng); Enaribert Under. Aut 
IhooUna); Rob Doyle. Aut (tripping); Petri 
Vorfcv m (slasMnp); Cerhara Pusennik, Aut 
IhoMlne); Saku Koivu, Fin (Interfenmce). 
TMrd period— & Finland, E» Kesfclnon (MOia 

tUnnlnen); 4 Fbitond. Sato, Kolw. 7. Austria 
Kenneth strong (Gerhart puschnlk); (op). 4 
Finland, Balmq Helmtaert (Mika Material; 
(pa). Penattlee— Gerhard Puschnlk, Aut 
IniugMnn): Jcsme CHonen. Fin (Hooking); 
Kenneth Strong. Aut. uoume minor (rouening).- 
PgUSormuneaRn (roughing) jFlritand bench, 
served by JereLehiinan (loo mam men); Rob 
Dovte, Aut irouahlng) ; Saku Kotvu, Fin ( rough- 
tas>; Marty Dgflmon, Aut (Merisronce). 
Shots on goat— Finland 21 -1414—51. Austria 6- 
•-2—12. Goalies— Finland, Jukka Tomml (17 
shots, to saves). Austria, Michael Puschaetier 
(51-451. 

Cesch Republic 3 0 1-4 

Nanny 0 8 1—1 

First period— 1. Cxedi Republic. Jiri Deksel 
(Otoksr Jcmecfcv); 2. Czech Republic, Toma* 
Snen (Komll Kastak); 4 Czech Republic, 
Rodek Tounai. Penalties— Jiri Aurora, Cxe 
(Moktagi : Pettier satstea Nor (holding) ; Jfrf 
Kueera. Cm itet e rte nmue ) : Dratomir Kad- 
lec. Cw icross-cftecktag). 

Second parted Hone. Ponuttes-erlk Kris- 
Hansen, Nor (holding); Golr HaH, Nor Ihoofc- 
Ina): Richard Zemlkko. Cm (hooking). 
Third period— 4 Norway, Ote Dahtetrwn 
arond Mhanussen, Cota Andersen); Cinch 
ReaubHc Jiri Kueenuen). Pena Wes— Lars 
Haakon Andersen, Nar (trtopkwlf jarHtoar 
Fnoeril Nor (hook mo ). 

5tats M goal— CMCh HeuuOMc 144-7—79. 
Norway 4-2-v— is. Gemies-czech Rsnutmc 
Petr BrUn (15 shots- 14 saves). Norway. Jim 
Morthlnsan (29 25). 


--yi 





1 


l^>» 








Page 22 


INTERNATIONAL HERALD TRI BUNE, SATURDAY-StTNPAY, FEBRUARY 19-20, 199* 



LY 


,,Nv 

u»T 




C3 bsTWii (4 AgtDce Pme»fiMK 

FVed Borre Lundberg of Norway soaring to his triumph m the ski jump part of the nordic combined event on Friday. He takes a 23-second into the cross-country segment 

Lundberg Leaps Out in Front in Nordic Combined 


CottpOcd&y Otr Suff.Fnm Dbptacha 
LILLEHAMMER - ^ Kart 
Broker and WflftwdHubcr of Ita- 
ly staged a major anrpn% m Ihe 
Olympic doubles hige cm Friday, 
becoming the first non-German 
pair to win die two-seater event- 
outright sues 196A. 

■ The ItaHan duo of HanSoerg 
Raff! and Hubei's brotber,Nor- 
bert, took die alver, with die Ger- 
man favorites, Stefan. Krausse and 
,l|in {tehr wirit, fi nishing third. - 
With a Hazing second nm of, 
48-372. Bruescr and 'Huber finxdied 


in 1 minute, 36-720 seconds, Dealing 
Raffl and Norbert Hnbex by less 
than five-hundredths of a second. ; 

Krausse .and Behrcndt, the 
World Cap champions and die 
wM at the Albertville 

Olympics, fimriacd inli36-945. 

Raffi and Huber set -a trade re? 
and of 48.274 seconds oh tbdfr fust 
run, but Bn^er and second 

after the fast heat, stormed back 
wife the quickest tone die last by on 
the 16-tum Hundeifossen track. v 
“We had a stupendous second 
run, and with that we won the med- 
al,* Huber said. “We didn’t think we 
would make it to tbe gold medal” 
For Raffi, 36, it was his last 
-Olympic ride. Hefll retire to his job 
as aforest ranger. 

Tor me, an Olympic medal is 


; .-C_ , 

Yi. « r 

' - , . I > . r- 

f * 






The Associated Press 

ULLEHAMMER — Fred Borre Lund- 
bere of Norway won the ski-jumping portion 
of the Olympic Nordic combined event Fri- 
day and will take a 23-second lead into the 
cross-country ski race that will decide the 
gold medal on Saturday. 

Lundbcrg's closest competitors said they 
did not think they could catch him in the 15- 
kilometer race. 

Kenji Ogiwara of Japan, the world cham- 
pion, who usually depends on good jumps to 


carry him to victory, will start the race 1 
minute, 46 seconds behind Lundberg. 

Cheered on by more than 20,000 specta- 
tors mid hundreds of Norwegian flags wav- 
ing, Lundberg went 923 and 92 meters 
(301 Vi feet and 300 feet) in his two jumps for 
a total score, including style points, of 247.0. 

Agp Markvardt of Estonia jumped 92_5 and 
91 meters for 243.5 points, putting him 23 
seconds b ehind Lundgren at Saturday’s start. 

**1 don’t think ru be able to beat Lund- 
gren,'’ Markvardt said 


Another Norwegian. Bjarte Engen Vik, 
had 2403 points for jumps of 91.5 and 92 
meters, putting him 43 seconds behind the 
leader at the start of the cross-country. 

“Fred will take the gold” be predicted 
Lundgren agreed 

“Normally. I should win tbe cross-coun- 
try,” he said “1 was terribly nervous at the 
(op, bui 1 managed to concentrate.” 

Japan's Takanori Kona who currently 
stands second in the World Cup, jumped 91 


and 923 meters for 2393 points and mil 
start 50 seconds b ehind 
Ogiwara. who generally had been exceed 
mg 90 meters in practice jumps, went . 89 and 
88 meters for 231 points. 

Japan’s Junichi Kogawa had the day’s best 


tbe victory Fve wanted,” said Rad, . 
who reamed the podium for the 
first time in -five Olympic tries. 
“Now Fve done it, this mil be my 
last Olympics." 

Tbe Gomans were , nonplussed 
afterward. Partners far a dozen 


total In eighth place, he was 2:56 behind. 

Fabrice Guy of France, the 1992 gold 
medalist, had 191 points after jumps of 85 
and 76 meters. He stood 31st, 6:13 behind. 


World Cup races they entered this 
season. Turn 13 was their nemeftis 
Friday. They skidded coming out 
of it on the fra nm and clipped the 
wall after perforating nearly flaw- 
lessly in practice all week.. . 


Norwegians woie '-di^QffifieS^P 
didn’t make the ^eigjrt a^ter 

• ? Butthe upsets qmthfe^k were 
overshadowed by JJrugg^ynwdaj 
tian that he would notfiiito x&t 

sotted under a 


is a possaffity,” Brqgger said: 
M WhVnod^ , ‘ ----- • ■.« .- - 

After the ,1992 Olympics the Jn- 
' teros&k^ Luge Federation rave 
ihc-go-ahead for imxed-dpubtas 

Inge, though no racers were pre- 
pareef tb'Oms^er : changing 4hor 

jdanRbeRHcdiHrfmninicr. .- 






Compiled by Ovr Staff From Dispasckes 

An American journalist offered 
SOO kilograms (1,100 pounds) of 
cod but failed to get an interview 
with the figure skater Tonya Har- 


Tm not for sale,” said Trond 
Roedsmoen, an official at the Ha- 
mar Olympic village, where Har- 
ding is staying as is her rival, Nan- 
cy Kerrigan . 

The fish offered for smuggling 
the reporter into the village was 
haefisk, a Norwegian favorite tra- 
ditionally served with bacon fat, 
boiled potatoes and mushy peas. 

• A ridge of high pressure that 
has pushed daytime temperatures 
in Lulehammer up to a more bear- 
able minus 7 centigrade (19 Fahr- 
enheit) is set to continue, Games 
mganzzers said. 

But in Hamar, the site for figure 
and speed skating, 60 kilometers 
(37 mues) south of Lfilehammcr. it 
was still biting cold — minus 25 
centigrade on Friday morning. 
“We're happy that all the events in 
Hamar take place indoors," a 
spokesman said. 

The International Olympic 
Committee said this week that the 
LiUehimm er Games were the cold- 
est Olympics on record. 

• till shamm er police are jailing 
Olympic tourists regularly — jpv- 
ina than a place to spend the night 


did not want the police station to 
become just another cheap hotel 
but added that those without lodg- 
ing would not be turned away, as 
long as there was room. 

• Lithuania's winter sportsmen 
may be snubbed by sponsors and 
buffeted by economic change, but 
they are still proud of competing at 
the Olympics. 

Members of the delegation, 
speaking on Wednesday’s anniver- 
sary of Lithuania's 1918 proclama- 
tion of independence, were open 
about the problems of post-Soviet 
sports in the Baltic state. 

Povilas Vanagas, who will team 


up in the ice dance with Margita 
Drobiazko, a Muscovite married to 
a Lithuanian, bad to train in Russia. 

“There used to be four artificial 
ice rinks in Lithuania, and now 
there's only one,” Vanagas said. “I 
don’t know if it will have been 
turned into a warehouse when we 
get back because that’s more profit- 
able." 

• Carole Merle became France’s 
latest doing star to be dropped 
from an Olympic race when she 
failed to make the downhill squad 
after a dismal training run. 

Meric, tbe Olympic super-giant 
silver medalist at Albertville and 
gjant slalom world champion, was 
more than two seconds on the pace 
in Friday’s qualifier. 

Franck Piccard, France’s down- 
hill silver medalist at Albertville, 
earlier missed his chance attheLil- 
lchammer downhill by a few hun- 
dredths of a second in another 
training run. 

■ Barbecue buffs have been told 
by organizers to stop grilling sau- 
sages over the Olympic flame. 

A Games official Odd Ustad, 
said Friday that security had been 
tightened around the flame, burn- 
ing at tbe top of a 20-meter (65- 
foot) tower at Olympia Park, after 
reports of illicit barbecues in die 


reports of illicit ba 
middle of the night. 
“We heard that 


two or three 


flame one night," he said, “We’re 
not sure how they did it They must 
have had spears 20 meters long." 

■ Mongolia’s time competitor, 
his chef ae mission and their coun- 
try’s representative on the Interna- 
tional Olympic Committee gazed 


proudly as their flag was raised at 
ihe main athletes’ village — nearly 
a week after the opening ceremony. 

At a reception afterward, they 
handed out commemorative 
badges, including one depicting 
Genghis Khan, a national hero 
whose image in the West is that of a 
ruthless invader. 

(Reuters. WP, LAT, AP. AFP) 



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INTERNATIONAL HERALD TRIBUNE, SATURDAY-Sl’N'DAY. FEBRUARY 19-20, 1994 


Page 23 


4 ' >X 






& 7 

- t'.. • 


’X •• >_ 

> 


S WINTER OLY 

n to Questions, but Tonya Wasn’t Open to Answers 


«_ • By Ian. Thomsen . . . 

J^LEHAMMER. — HB.XJi OlympicComnuOtt 
began Friday by praising toe new. American 
gold medalist, Dan Jansen, for being “the quintessential 
m *' s&on * er ’ ^ W M the 

TwsraiHariiig sat bli n ki n g like a trdffbfight alongside 
her? 16 s P Q * asmaa ' He opoied the floor 

<P®g« to ib 

aboat your smoking, uie FBr sakfyoo ned in your state*' 

- f aded pobgraph testetwo oi 


abemt^r^tf* T"^ b^^ye-Hed to ■-V£g 
about your smoking, the FBr sakfyoo Eedin your state-' Q’ KSC ° 

S; 

2 S 

^ Nancy Ken^an. When Tonya was reveaHi 
asked about Nancy, it was her coach who responded: several 
l onya is very competitive. She wants to compete and she yrnm * 

GOLD: Jansen Wins His Medal 


. wants to win. She really has a lot of respect forNancy and 

:forberafcnt” ' 

When Tonya was asked whether she has been convicted 
by the'-metEa, Iks coach answ ered, “T flank the media, 
because Tonya has not been very vocal, has eome up with 
ri lot of thiags/33 their owo.” ' . . .. 

■When Tboya was asked about the death threats against 
her, her cooes shook her bead and said; “We really can’t 
worry about death threats. The Lord has a master plan 
and it if s meant to be, fcvffl happen." ■ rm 

•• : Finally someone disoovoed the trend and addressed a 

question to ifeoroch. He asked hex about Tonya’s back- 
ground. - 

". .-“Vbttffl have* to have Tonya answer that," die coach 
mid. “She'doeto’t like to have me speaking for hex." 

The. auditorium in the Main Press Center was like a 
: large school bos on a field trip just far enough away to 
make everyone punchy. There first had been a raws 
coaferaice riven by two Armenian bobskdders from New 
- ffngfaitidj which bad been well attended fry all of the 
jOTnahstswho wanted a seatfor the Tonya Harding press 
conference. Her30-nrinntc performance, which was less 
revealing than her videos ... fortunately ... included 
several attempts to discover her feeHngs about what had 
become of Nancy and the Oiympto movement. 


“1 am very upset and ashamed and I am embarrassed,” 
Tonya said, but tmfartnnatdy she was responding to the 
topless videos of her broadcast and published throughout 
the world. “One thing I have to say is if everyone could pur 
themselves in my position, then how would you feeTT 

To believe everything Tonya 
said was to believe, basically, that 
she has no brain. 


The question went unanswered by her audience, be- 
cause reporters do not generally have coaches. 

To believe everything Tonya mid was to believe, basi- 
cally, that she has no brain. She said she does not sense 
tension between her and Nancy. She confirmed they had 
had a “brief encounter" here, which she described as “very 
positive” and “kind of a private thing" She also said, “The 
mafia attention has been great," which would be like 
Kennedy saying that he respected Oswald's opinion. “It’s 
been kind of fun, interesting. I know the media has to do 
their job, I understand that, and I respect them." 


The media responded by adring bow die could profit 
from a horrible situation by signin g an exclusive interview 
agreement with an American *V mow. (The truth is that 
everyone is profiting. J 

“Well, I'm not profiting off of a horrible situation," she 
said. “I have not received any of the money, and when F do 
it will go toward legal costs, coach’s fees and training 
lessons. 2 am also talking to my attorneys about setting up 
a Tonya Harding trust for Special Olympics children in 
Oregon.” 

She answered the questions like she was running for the 
Miss America title. (In a spons sense, she is.) “I fed every 
competitor at the Olympic Games is wonderful and 1 see 
myself as an equal icthem." she said, but it was difficult to 
tell whether she could hear the guffaws belched from the 
audience. 

Tonya said her right ankle, sore for months, would not 
affect h« performances. She said she seems to skate better 
under pressure. (We’D find out.) Her coach revealed that 
Tonya had been asked to arrive after the Opening Cere* 
monies by (be USOC, which didn’t want her shadow cast 
ova- the other athletes. Tonya said she only wished she 
could share some of her sunshine with them. She said she 
wasn’t distracted and neither was she worried about the 


judges burying ha when (be women’s figure skating be- 
gins Wednesday, and then she got up and left and was 
replaced on the stage by Alberto Tomba. 

He blubbered: “Tonya, Totnba. Toe-mba.” 

In 1992, be was reminded, the hype had all been Totnba, 
Tomba. This year it is Tonya, Tonya. 

To the reporters he said, “ “Tonya - is better — for you, 
yes. Not fen this girl, no." 

Tomba will uy next week to become the first Alpine 
skier to win gold medals in three consecutive Olympics. 
More importantly, he was asked Friday to name the best 
nightclubs in Lillehammer, whether he was still interested 
romanncaBy in Katarina Witt. 

In other news from the auditorium, the Armenian 
delegation, making its first appearance in the Winter 
Olympics, said it had been unable to attract sponsors, 
given the more important needs of the Armenian popula- 
tion. Because of the 1988 earthquake and the ongoing 
conflict with .Azerbaijan, the country is lacking in electric- 
ity, heat, fuel and food. The chef de mission explained how 
his Olympic skier can only get in four practice runs every 
few days because he has to walk back up the hiS after each 
run, but by then the auditorium was filling up with the 
antiripatoiy buzz of Tonya’s arrival, and no one seemed to 
be paying much attention to the Armenians. 


Coatinned from Page 1 
official handed him a rrfini»r 
phone and said, “It’s the president 
calling.” 

‘ “Oar president^* Jansen said, 
shock registering on his face anew. 

A couple of “OJCs" later, Jan- 
sen kept the phone pressed to one 
ear and sheepishly told a hushed 
roomful of reporters: 4 Tm on 
hold." 

Even as happy endings go, this 
was perfect: A sweet kid from the 

■ Heartland who did everything the 
right and honorable way, absorbed 
numbing setbacks stretching bar* 
years and st£D triumphed at long 
last against the sort of odds that 
make even the president of the 
United States reach for the phone. 

‘ “He said he can’t express how 
much the country was polling for 
me," Jansen said, his voice catching 
with pride.- 

Friday was Jansen’s last career 
chance at an Olympic medal, and 
he wasn't even a rinchfo make the 
top three in this event, let alone 
■Him the world record by seven- 
-bmdredths of a second. 

! The 500-meter race was his 

■ world-record distance Bat became 
dangerously dose to falling Mot 
' day m the last turn and nsedhisleft 
hand to keep himself upright, 

whki cost him nuDisecands- Aria 
’ that race it seemed the cold feding 
■of his fingertips brutobg the ice 
would be the memray Jansen took 
away from these Games — another 
sad story to go albqgiotb his sub- 
par performance at the 1992 AT - 
b atvDljs a m i th mjmnt- 

mreM^vSiea bis aster, Jane Boev 
toed ofletfcenria toe moinbgcf toe' 
500 and Jansen spun out in the very 
first turn that mgta, aa ff yanked 
down by a rope. ' 

A few days lata, Jansen fdl 
again in the 1,000-meta event - 

By the time he toed (be starting 
line on Friday, almost everyone 
knew his star-crossed story.Thal 
was one reason Jansen’s victory 
pulled aD the audience to its feet 
and made everyone st HamarV 
Olympic Hall forget national alb- 
giances. 

Someone from the speed-toatr 

infcmad Netherlands lhiw Jansen 
a Dutch flag Eke a Spaniard aright 
toss btdTa ears to a matador. Some* 
one else threw an American flag to 
tire ice. Soon came a -bouquet of 
yellow HHes, a stuffed- annual, a 
shower of more flowers, and — 
most oanric of aD — one tif those 
huge, yellow, foam-rubber wedges 
of cheese that sports fans in Jan-- 
sen’s home state of Wisoonsm wear 
as hats at athletic events. . . 

Jansen picked it aD up and 
laughed as he briefly tried cm the 

“Finally I fed fike Tve made 
people happy instead of having to 
fed sorryfor me," Jansen said. 

Igor Zhdezovsky of Belarus, 
who skated first* was the favorite. 
Kerin Scott of Canada, the worid . 


. record holder at 1:12^4, was also 
in tfe race. - Evoi toe man Jansen 
was paired with in the fourth heat, 
Jutrichi Inoue of Japan, was among 
the seven men in tins races who had 
.a better personal best than Jansen’s 
3:13.01. 

But die past — all of it — fdl 
away. 

Jansen won in. 1:12.43, Zbefo- 
zovsky took the silver b 1:12.72, 
and Saga KlevdBnya of Rnsaa 
entured the. bronze, m 1:12A5.. 
When Jansen’s time flashed on the 
scoreboard and he had leap- 
frogged both men bio Gist, TV 
coverage switched tolas wife and 
his mother at the other end of the 
rink who were hugging andscreaiD- 


embrace. Later, Jansen’s wife 
Robb giddily said she had been so 
overcome with emotion right then, 
“I wady collapsed." She was taken 
to the' emergency medical techni- 
cians, where she was pronounced 
fine. 

1 thought, this would be my last 
Olympic race ever no matter what 
happened. I wanted lowb because 
Tve had so many worid records, 
wodd ehampiouships and Wedd- 
Cup victories. Has was the only 
thmg left fix me to do. Because df 
by story, I bad the support pf to 
many people. It seems like I to 
qint cariug too m»d| to skate- my 
best". :. 

The funny tiring was this wasn’t ' 
a perfect rare cither. Jansen had a 
mmarshp b the nort-tobst turn 
and bb left-hand nearly toadied 
down agab. But he stayed upright 

nmch^t^^^wScs. llbfeaitalot 
of soeed tmos bv then, he knew, 
and thougfijie hadn’t heard his last 
spfit time announced he could teU 
“sometiung was up" from the roar 
offljeonuwd. Hehddoo, made H to 
the fimstsomehow. And then? 

' Before long President Bill CSn- ; 
ton was oh me fee telling Jansen 
he couldn’t writ to watch it tonight 
on American TV, and HDUoy Rod- 
ham Clinton caDedftom an aircraft 
somewhere ova Sooth Dakota, 
saymg toe’d been on “pbs and 
needles” waitbg fa the result 

The crowd m Hamar had sere- 
naded him sweetly, and on the 
medal podium a uriDibn images 
binned through his mind. It was 
his racing Ufe rushing before his 
eyes: the lung-searing work, die 
ups and downs; the three medal- 
bereft Olympics before this, and 
the bee of fas dearly missed sister, 
Jane, the namesake qf the first- 
born fhffd he now hugged m Ms 
arms. • 




Russians Lead 
In Ice Dancing 


Compiled by Qm Staff From Dtspaicha 

HAMAR — Britain's 1984 
Olympic champions, Jayne 
TorviD and Chrikopher Dean, 
were relegated to third place as 
Russia’s ice dancing power pre- 
vailed on Friday. 

Maya Usova and Alexander 
Zhnfin, the world champions, 
were deadlocked after splitting 
victories b the first two com- 
pulsory dances with Oksana 
Gritschuk and Yevgeni Platov, 
who have emerged as the big 
threat to the Britons. They each 
have 0.6 points. 

Torvill and Dean, the perfec- 
tionists of ice dancing a decade 
ago, were judged to have lost 
some of their excellence and 
woe third b both dances, the 
Starlight waltz and the Blues. 


Dan Jansen rf the United Slates on Friday after he had set tt world record in rite 1^000-meter event and finally won an Olympic medal 

Kerrigan ’s Answer to Harding? Smile 


By George Vecsey 

. ■,_ i New York Times Service 

■T TAMAR. — Why is tins woman strafing?!- 
Xi mean, grinning from ear to ear. She snSes 
when she bwannmg up. Ste tables when she is 
practicing. She soaks when her couches loudly 
dap their hands after ha evexy move. 

Nancy Kerrigan was even strafing when ha 
old friend Tonya Harding went down m a pfle 
■ .. ■— against the 

Vantage 

Point T been fore- 

checkedby 
;boppafrom 


tbrakof haaqintehit andifsnota 
sad feding anymore. That's gone;" 
Jansen sbd- “It’s just a feding that 
she’s fltitt with me." ... 

-' So that fittie-sahne hejave to-, 
ward the heavens when ‘The Star- 
^jan^cd Banner” was ihrcmgh? 

.. *To Jane," Dan Jansen said- ' 


Btb ftoben a TbDtnu or the bcppafrooi 
be Portland Kneewfaackers, Shane Stout him- 
self. fet there was nobody b right, just some 
inviribtepoltogpst maybe trying to even things 
np for the ugly event in the natkmls in DctroiL 

That did not necessarily mean Korigan was 
wnilmg at Harding’s misfortune. She just smiles 
aS the timet Eke a baby with gas. Who knew aS 
this waiting was such giddy fun? Bat Kerrigan 
seems dewnnmed to have a grand old time here 
at the Winter Games, as if practice woe an 
endless commercial shoot And probably it is. 

Kerrigan did ha best not to notice be pres- 
ence of ha pal Thursday an the six-week amn- 
versaryof Korig^’s bang whadeed on the knee 
by a tog hired by Harding's forma husband. It 
washardnot to notice Hardmg fl it ting back and 
fbah on the ire during die two practice sessions 
that woe open to six skaters at a time. 

. HftrtKng l mirti teat inhibited rhnn Kpt. 

rigan about where toe could aa There was 
sanethbg primal about dae way Harding staked 
oca every coma erf the rink, but wherever Kero- 


Now, anybody who has ever run a race 
knows the rush of positive energy that comes 
•from willing -the face muscles from a fatigued 
grimace to a joyous smile. There is a lot of 
snrilbg in this sport, or whatever it is. Figure 
skatos learn to smile in public after same judge 
has stock it to them, when the logical thing 
would be to shake a fist and talk trash. 

It is also true that skatera most display neat 
warm-up costumes and makeup and happy 
smiles during practice because the judge are 
making mental notes about who's got it and 
who doesn’t. Kerrigan's support system — ha 
coaches, Evy and Mary Scotvold, two of the 


Figure skaters learn to 
smile in public after some 
judge has stuck h to 
them. 


most positive and experienced people b the 
business — are doing the right thing by s m iling 
and dapping Hke seme hired opera daque. 

It’s part of the game: 

But snhHng conld became a chare for Nancy 
Kerrigan Tonya’s here. Tonya's not going 
away. Time is on Tonya's side. Tonya is a 
survivor. Tonya has survived her chaotic family 
life, and she has survived the legal skirmishes 
when theUSL Olympicf^ommicee tried wbaol 
her in for questioning about ha role b the 
celebrated inee-whackmg. 

Harding even survived ha long haul from 
Portland, performing the difficult PortZand-So- 
atile-Copeahagen-Oslo triple axel, and after 
one night b Europe toe went out to practice 


a giant “areaT-wo-having-fun'T snub 


Thursday, nine time zones out of kilter. 

But Tonya is on record that she does not 
believe in jet lag. Ha life seems uncluttered by 
awareness of many things 

She never seemed to notice the hundreds of 
reporters and photographers milling about the 
tiny practice rink. Tonya knows what she 
needs. She needs a nasal inhalator for ha 
asthma. She needs a smoke and a cold brew. 
And she needs to make some money. She 
doesn’t smile much. Life's too bard. 

Tonya was definitely not smiling at the end 
of ha afternoon workout, when abe tried a 
triple axel at the end of ha shat practice and 
wound up sprawled on the ice. She skated one- 
legged for a while, displaying no Kerri ganesque 
smiles, and she even made a few jumps at the 
end of practice. 

The trainer scooped up a bucketful of snow 
from the endless supply just ootride the door, to 
be applied to ha “chronically sore ankle." 
Tanya was Gmping when she left the building. 
She win be back. She’s not going away — 
certain] y not easily. 

That leaves Nancy Kerrigan with a smDe. 
Korigan did nothing to deserve bang whacked 
m the knee on Jan. 6 — Dothing except be b 
Tonya Harding's way, at least in the twisted 
reasoning of the four louts who (totted and 
committed the attack. 

Harding insists she had nothing to do with 
the plot, and she may never be charged with 
any thing . It may not be fair to make Kerrigan 
work out m the same sextet ^ with ba competitor 
who has links to the goons who whacked Nancy 
Korigan, but life is not fair. 

Tonya is b Norway. Tonya’s at the Winter 
Games. 

And Nancy Kerrigan is smOmg. 


They have 12 points. 

The couple, who earned nine 
perfect scores of 6.0 for their 
“Bolero" b 1984. and who won 
the European title last month, 
now face an uphill battle for the 
gold medal. 

The compulsories — skated 
to the Starlight waltz and the 
Blues — count for 20 percent of 
the total score. Medal competi- 
tion b ice dancing is spread 
ova three nights, with original 
dance on Sunday and free 
dance on Monday. 

But even if they do take the 
original dance, they would not 
be certab of overall victory. 


Should Gritschuk and Platov 
win the free dance final as they 
did b Copenhagen last month, 
they win be the new champions. 

Usova and Zhulin narrowly 
won the opening Starlight 
waltz, but Gritschuk and Platov 
were conclusive winners of the 
Blues. 

The Britons' coaches, Bobby 
Thompson and Betty Calloway, 
remained optimistic. 

“It will depend on the free 
and we hope we have a winning 
free dance," Calloway said. 

Torvill and Dean have re- 
vamped their “Lei's Face the 
Music and Dance" free routine 
by 80 percent since Copenha- 
gen following their defeat in 
that section by Gritschuk and 
Platov. 

The overall decision in Den- 
mark was dose and required a 
computer to establish that the 
Britons were narrow winners. 

Thompson said he fdtTorviU 
and Dean were probably a little 
disappointed with their scores 
on Fnday. 

“It’s not what they said, it’s 
what they didn’t say," he said. 
“They didn’t say anything." 

Calloway said she felt a little 
disappointed with the Britons 
marks, especially for the first 
dance, the Starlight Waltz. It 
looked beautiful but the saxes 
were only 5Js and 5.6s. 

(Reuters, AP) 



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RUDOLPH WAS THE WINNER Norwegan S* 1 ™ athletes comoetiog Fritbv b a traditional reindeer race at Oyer/Hafjefl, won by a rebdeeer named Rudolph. 


Oksana Gritsdrak and Yevgeni Platov tied for first on Friday. 


Panel Hearing 
Harding 9 s Case 
To Call GiUooly 

The Assodaied Press 

PORTLAND, Oregon — 
The U.S. Figure Skating Asso- 
ciation has asked Jeff GiUooly 
to testify at Tonya Harding’s 
disciplinary bearing March 9 
in Colorado. 

GiUooly previously pleaded 
guilty to a charge of racketeer- 
ing b connection with the at- 
tack fast month on Harding's 
Olympic rival, figure skater 
Nancy Korigan, and is tree 
pending sentencing. 

Gillooly’s attorney, Ron 
Hocvei, has filed a motion in 
county court asking that his 
client be allowed to attend the 
bearing. The court will consid- 
er the motion Tuesday. 

The association's heating 
will determine whether Har- 
ding should be stripped of 
membership b toe organiza- 
tion because of toe assault 
Korigan was dubbed in the 
lt$ after a practice session Jan. 
6 to uy to keep ba from com- 
peting in the Olympics. 

GiUooly, Harding's ex-hus- 
band, has charged that toe wa$ 
involved in toe plot to attack 
Kerrigan, and a county grand 
jury is considering whether 
criminal charges should be 
filed against Harding. 





f'M* 


DAVE BARRY 


JTm a Valuable Prize 


M IAMI — Today I am an- 
nouncing tire first-ever Ama- 
teur Tax Tips Contest, featuring an 
exciting prize as well as an opportu- 
nity for some lucky winners to serve 
lengthy terms in federal prison. 

The purpose of the Amateur Tax 
Tips Contest is 10 provide normal 
people with practical, real-life an- 
swers to their tax questions, as op- 
posed to the complex and vague 
“advice” we so often see in columns 
written by the kind of goody- two- 
shoes money geeks who actually 
save their receipts and record tbeir 
mileage and Tile their tax returns on 
Jan. 1 IT! give you an example of 
what I mean. 

QUESTION: “How much can I 
deduct for a business office in my 
home?" 

COMPLEX. VAGUE MONEY- 
GEEK ANSWER: “Calculate the 
size of the office as a percentage of 
the total living area, then use this 
figure to compute the pro rata costs 
of utilities, mortgage interest, taxes 
and insurance.” 

PRACTICAL, DOWN-TO- 
EARTH ANSWER: “$6.53187.” 
That’s whal we taxpayers want: 
concrete information. We don't 
want: “TotaJ your amortized capi- 
tal depreciation as specified in 
Schedule C, section 873, subsection 
VII, verses xii and xih.” We want: 
“Put down that you lost $3,83124 
operating a perch farm.” 

□ 

Perhaps you think I am suggest- 
ing something dangerous here. Per- 
haps you do not believe that the 
Internal Revenue Service (Motto: 
“We’ll Answer the Taxpayer Assis- 
tance Hot Line When You Pry the 
Coffee Cup From Our Cold, Dead 
Fingers") would allow you to take 
anything so ridiculous as a perch- 
farm deduction. 

Listen: You can deduct any- 
thing. People have deducted used 
underwear. And when I say “peo- 
ple," I of course mean “Bill Clin- 
ton." According to news reports, in 
past years President Clinton de- 
ducted as much as 52 per pair for 
used underwear that he donated to 
the Salvation Army. I applaud Mr. 
Clinton’s generosity, although I am 
troubled somewhat by the idea of 
any guy voluntarily giving up his 
underwear. Whoever says that guys 
are tm willing to make lifetime com- 
mitments clearly has not examined 
the intimate bond that can develop 
between a guy and his briefs. 


Europe 


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Corn Dot Sol 
Dubfci 

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Un PjAibm 

LnMn 

London 

Madrid 

Wan 

•taco* 

Urn* 

Nie* 

0*5 

Pakna 

Pans 

Bo TO 

Si Palanhafl 
SMdtteAn 
Sltazbaun) 
Tafcm 

/trace 

Vienna 

Warsaw 

Zuncn 

Oceania 


Today 

High Lna W 
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tail me heartless, but I’ve never 
donated my used underwear to 
anybody. I estimate that, for tax 
deduction purposes, these briefs 
are worth 52,473.02. Notice that I 
use an exact-sounding number 
here. ALWAYS USE AN EXACT- 
SOUNDING NUMBER WHEN 
YOU ARE MAKING SOME- 
THING UP. The Internal Revenue 
Service goes over tax returns with 
dogs that are specially trained to 
bark angrily when they fmd round 
numbers. If you HAVE to use a 
round number for some bizarre 
reason, such as that it is actually 
true, you should put a little note in 
the margin ihat says. “This number 
is actually true." 


ALWAYS “DOUBLE- 
CHECK" ALL FIGURES. I say 
this in light of a 1993 Washington 
Post article concerning a Centre- 
ville. Virginia, man who received a 
bill from the IRS for — I am not 
making this up — S68 billion. A lot 
of careless taxpayers would have 
simply paid this bill, but this mao 
had the presence of mind to ques- 
tion it, and as a result be will be 
eligible for parole in just 224 years. 

No. seriously, he got it straight- 
ened out The Post article doesn’t 
say exactly how; my guess is that be 
mil be allowed to make two easy 
payments erf $34 billion. This just 
goes to show that ordinary taxpay- 
ers CAN “beat the system." And 
you can help them, by sending in 
YOUR tip to our Amateur Tax 
Tips Contest Send in anything that 
you think might be helpful to other 
taxpayers, including a photograph 
of the IRS commissioner naked. 

The only restriction is that what- 
ever you send MUST BE ON A 
POSTCARD. Send your card to: 
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ington Post Magazine, 1150 15th 
St. NW, Washington, D.C. 20071. 
HI report the best tips just before 
April 15. The people who suggest 
them will receive a handsome men- 
tion of their names in this column, 
as well as a chance to be audited for 
life. The person who suggests the 
best tip will receive, at tremendous 
personal tax-deductible sacrifice 10 
me. a historic literary object that 
has been valued, in print, at 
$2,473.02. I may even wash them 
first. 

Knight-Ridder Newspapers 


INTERN VTION AI. HERALD TRIBUNE. SATTRDAV-SUNPAY, FEBRUARY 19-20, IW 

A Nostalgic View of Paris Betwi 

International Herald Tribune 

P ARIS — “All the brasseries had bands. We sang, we 
played, we listened to the music. It was grand." 

“In the Place de la Bastille there were strongmen and 
sword swallowers and fire-eaters. There was also a swal- 
lower of frogs, up to 40 of them, who would spit them out 

MARY BLUME 

again. The extraordinary thing was that they were all alive. 

Dead, they would have lacked charm." 

“A cloth cap didn’t brand you as working dass. Office 
employees wore them. too. 1 remember one of our neigh- 
bors was an electrician. They were the nobility of the 
working class. He wore a soft hat." 

“The slang and the sound of the accordion — that was 
Paris!" 

Memories of Paris between the wars: rosy for the most 
part but very real to the 1,075 Parisians who answered the 
call of Mayor Jacques Chirac for mementoes, snapshots 
and recollections of their youth. The result — some from 
Parisians expatriated as far as Denmark. Portugal and the 
United Stares — is on view in the exhibition “La Memoire 
de Paris 1919-1939” at the H6tel de VBle until April 30. 

Most of the participants come from simple back- 
grounds. The show is less to enlighten those who did not 
know the period than to provide a trip down memory lane 
for those who did. Visitors are mostly elderly people 
exchanging memories and recalling for each other such 
objects as schoolbooks, wooden butter curlers stained 
dark with use, Sagem Major pen nibs and a newspaper 
headline about an airplane landing on a Paris rooftop in 
January 1919 t“I was 8 years old.” an elderly lady re- 
marked to no one in particular). 

The exhibition is as crowded as a blockbuster art show, 
but visitors do not jostle and show a courtesy to each other 
that signifies, as much as the snapshots and oral memo- 
ries, how much Paris has changed. 

The memories collected in the catalogue recall street 
noises such as the tramway, horses’ hooves, the sabots of 

broken window panes (the r’s in vitrier were unsounded, 

one old Parisian says). the Opto building.” Neighbors were important: They removed with 

Among the long-gone sights are lamplighters, the goat- gave job references and testified to the applicant's moral- their screams 
herd selling cheese on the street, cobblestones in the rain. tty. „ Ice cream a 

communal laundries bathed in steam, the black dust rising The now-defunct Belle Jardnrito department store at color and tas 

to the kitchen ceiling after the coal man had come. It is all the Pont Neuf had a separate entrance for the clergy: without aeon 
like a Came film reshot by Capra. “They climbed a stairway and entered a door shaped like a it* cordon to 

, . . . . . ... Gothic arch so >har they felt at home." Low-ranking pkdf ) and iiv 

Since the subject, given the part mianis age, 15 child- department store employees were addressed by number, executions, pe 

I su£«K 486. andweredlowed neither to at down at bob musettes 

and l^^in^J-^e^ront Populatotf 19%2 work ^nor to take the devalor unless accompanied by a 
seen in terms of its effect on famflylife. One woman went neasum m traffic jams rate. In the Place de pavilions decc 

rcStoti mer and add 
Front Populaire, she told the butcher. turned his horse towards the Madeleine, the care went in remembers th; 

Women remember stiver fox furs and Tokalon face that direction. When be was perpendicular they took the the end of a 
oeam. men that they held tbeir socks up with garters and Avenue de l’Opto." The most celebrated cop stood at the Talleyrand: 

wore straw hats after Easter. Proprieties were observed: A Porte Saint-Martin and was said to be the rally one in French Revoli 
man might shave in front of his son but never dean his Paris allowed to wear a beard. A snapshot of him, beard In the 1920s 
teeth, and only the rich were robbed. “The thieves were carefully parted to show off ins medals, is in the show, before 1914. S 
professionals. No one would rob the apartment of modest Children played with hoops and tops and were inspect- “Anyone who 

folk." ed in school to see if tbeir feet were dean. They wore didn’t know P 

The sense of neighborhood was very strong. “One didn’t dunce caps, had their knuckles rapped and were dosed of strangers." 
leave one’s quarter. 1 kne w concierges who had never seen with cod liver oti. in public hospitals their tonsils were right. 



the Opto building.” Neighbors were important; They 
gave job references and testified to the applicant’s moral- 
ity. 

The now-defunct Belle Jardhnto department store at 
the Pont Neuf had a separate entrance for the clergy: 
“They climbed a stairway and entered a door shaped like a 
Gothic arch so that they felt at home:" Low-ranking 
department store employees were addressed by number, 
such as K486, and were allowed neither to sit down at 
work nor to take the devator unless accompanied by a 
client. 

Pleasures were simple, traffic jams rare. In the Place de 
1’Opto there was a traffic cop on a horse. “When be 
turned his horse towards the Madeleine, the cars wait in 
that direction. When he was perpendicular they took the 
Avenue de l’Opto.” The most celebrated cop stood at the 
Porte Saint-Martin and was said to be the rally one in 
Paris allowed to wear a beard. A snapshot of him, beard 
carefully parted to show off Ins medals, is in the show. 

Children played with hoops and tops and were inspect- 
ed in school to see if tbeir feet were dean. They wore 
dunce caps, had their knuckles rapped and were dosed 
with cod liver oti. In public hospitals their tonsils were 


removed without anesthetic and wailing children heard 
their screams and saw their blood. ... . . - * 1 

Ice oeam cones in the Rare Mobceau were a rich yellow ' 
color and tasted of real vaniHa. Landkffds could evict’ 
without a court order, concierges collected rents, pulled 
the cordon to let tenants in at night (“La ported s’ilyous. 
pMf') and Jived from tips arid bnbes. Thao were public 
executions, people in the M£tro smelted awful, there were 
bolt musettes everywhere, and a yo-yo craze in 1934. 

There were veterans of World War I on little wfaeded 
platforms and in ,1937 there, was a World's Fan: with 
pavilions decorated frith the swastika and with the ham- 
mer and sickle. When World War n began, woman 
remembers that shewept fra dap. “Did I sense that it was 
the end of a certain way of life? I wasn't wrong.*' 
Talleyrand said that thosewbo had not lived before the 
French Revolution could never know how sweet life was. 
In tire 1920s and *30s parents looked bade lo the days 
before 1914. Says oncoi the witnesses in the current show, 
“Anyone who didn't know Paris between *25 and *35 
didn’t know Paris: the elegance, the security, the courtesy 
of strangers. " Each in his own way and time nos probably 
ri^rt-. ' ' ’ ' ’ 


PEOPLE 

Glenn dose Upstages 
UaPoheforlSJY. Role 

' dean dose is taking “Sunset 
. Boulevard" to Broadway. . She will 
. replace Ritii LuPo&e as the fading 
- movie queen Nonna' Desmond 
‘ wheal the Antfrew lioyd Webber 
musical opens this fall in New York. 
LnPQne currently stars in the Lot- 
don production, but investors lost 
confidence in her after critics’ asset 1 - 
\ fty his that dose was better. Close 
-‘has been playing the .role in Los 
'- Angeles. A spokesman for LuPone 
said she is devastated and hasn’t 
performed since she got the news.. 

; V ” ■ . □ . 

A kiss is just a Joss, as fat as 
Ttosesume" is concerned, so, after 
much discussion, ABC says it will 
‘shew an episode of - the .sitcom on 
March .1 that features Kareune 
Arnold kissing Marid Honing pqr. 

;• : ' -• :• ..O •' 

. . How does a relative of George 
WashmgtiH. eight generations re- 
moved, plan to matt the first U.S. 


-pbes Washington, 29, a law student 
at Yeshiva University, said: “I cer- 
tainly don’t chop down cherry 
trees, though if I were not in New 
York. I mi gh t do some yardwork. 

‘ But I have too much work to do, so 
I will hole up in the library." 

' GeneKefij’s birthday card to 
MerceCwiBTigtnnw shows an um- 
brefla dripping rain and Wffian 
Wepnari’s features a few dos. 

, Gianni Versace and Gorgio Ar- 
mani depicted fashion designs — 
what else? — on their cards wishing 
Cunningham, die modern-dance 
pioneer, a happy birthday. But 
■ CrnmiTigham, .. who turns .75 da 
April Id, won’t get to keep Chose 
collector’s items or the ones done 
by more than 70 other celebrities, 
lire cards will be auctioned on 
Tuesday to benefit the' Cunning- 
ham Dance Foundation. - 

; a •. 

Yato Oho has donated 54.000 to 
the Family Violence Center in 
Springfield, Missouri. The widow 
of John Lennon matched the 
amount of money raised by last 
year's annual “ Imagin e" concert at 
which, load bands .{day Lennon 
songs to benefit loearebarities. 


CLASSIFIED 

Appear* on Page* 7 & 13 


WEATHER 


POSTCARD 


Forecast lor Sunday through Tuesday, as provided by Accu-Wealher. 


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BM0C* 
Hong Kong 




Jo W " 


| Hi — j o/wtfr 
JCofe) 


North America 
The Eastern Seaboard from 
Washingl/xi- D.C . to Boston 
mil continue to experience a 
significant thaw Sunday into 
Monday. A bit ol rain will 
accompany the mild weath- 
er. raising the posstoillty ol 
hooding 7 ho Plains wffl have 
colder weather early ne»t 
week. 


Middle East 


Europe 

Paris through London wilt 
have chilly, damp weather 
Sunday into Tuesday with 
occasional light ram or snow. 
Heavy rains twl soak Ireland 
and northwest Spam Heavy 
rain is expected over south- 
west Turkey. Cold, mainly 
dry weather will rule from 
Berlin northward through 
Unehsmmer Norway. 


Asia 

Colder weather will move 
into Bering and Seoul aarly 
next week. Tokyo will have 
rain Sunday, then dry. chBy 
weather early next week. 
Heavy snow over northwest 
Japan wifl be accompanied 
by strong winds Manila wiS 
be quite warm with soma 
sunshine wh3e Bangkok has 
scattered rams. 


Today Tomorrow 

Mfl* Lew W Wgh Low W 

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By Stephen Kinzer 

Hew York Times Service 

B ERLIN — This bustling metropolis has 
more than enough challenges to keep its 
politicians occupied. Giant construction pro- 
jects are under way. the government plans to 
move here from Bonn, and Eastern Europe’s 
convulsions are uncomfortably dose by. 

But for hundreds of thousands of Berlin resi- 
dents, these challenges pale in comparison with 
threats to their beloved gardens. They warn that 
if established political parties do not listen to 
them, they will form a new rate of their own. 

No one is taking these warnings lightly. 
“Whal the farmers are to France,” a local 
newspaper said recently, “the small gardeners 
are to Berlin." 

Taken individually, the gardeners hardly 
seem like revolutionaries. They are quintessen- 
tial good citizens like Hanndore Schmidt, who 
tends her fruit trees, herb gardens and vegetable 
patches every day, even in the water. 

“This garden is the center of my fife;” 
Schmidt said as she proudly pointed out two 
tiny daises that had managed to sprout 
through the near-frozen earth. “I have a dose 
feeling for God. and I think this is it” 


In most parts ol Germany, people Eke 
Schmidt are pillars of local life, a uaint symbols 
of self-suffiacocy and thenatirars mythic roots 
m agriculture. But Sdnmdt has suddatiy found ' 
herself cast as a public villain. The reason is 
that her garden Bes in tire heart of downtown 
Beriinjust two blocks from the glittering Kflr-' 
furstendamm. • _ 

While Bohn was a divided, dty, lavish snbsi- . 
dies from Bonn kept the standard of living here 
artificially high and allowed the indtd^aoice ctf ' 
many idiosyncraries- Now those subsidies are 
being slashed. 

As the city looks for hew sources of income, 
some officials axe casting then- eyes longingly . 
on the large plots of city-owned land in chic . 
central boroughs like Wilmersdcd that have for 
years been leased to gardeners. 

“We can’t hang on to all of ourcrfd Berlin 
traditions," Wolfgang Nagel, the city’s minister 
of construction, said in a widely publicized 
magazine interview. “It doesn’t make sense that 
the best sites in the inner city, like in WDmera- , 
dorf, are bring occupied by gardeners who pay 
only a few marks a year to use than. Why can't 
the city use that land to develop business and 
housing projects?" 


More than 8C4QQO families have garden plots, 
and another 16,000 are on waiting lists. Wary of 
. the gardeners’ politiralmnsde, many of Nagd’s 
own colleagues at city tall, including Mayra 
Eberbard Dicpgen, have condemned his posi- 
tion. 



a long-term city pun calls tot dosing some 
of die downtown gardens, however, and as 
Berlin grows, pressure to close others is certain 
to increase. Leased gardens here now cover 
roorcthan fyjflo acres (3,520 hectares). 4 per- 
cent of the dty^s surface area. Much of tins is 
.tend left undeveloped after the nibble of Worid 
War D was deared ■ 

■ A member of tireGity Couacfl who wants to 
dose many of Berlin’s gardens, Wolfgang 

MlecAnwMri haa calrailwten that raring half nf 

them wDuktlead to $650 miIIuai in real estate 

hradredscrf n^^^rf^doflais in taxrwenue- 1 
“Youtaretdadcyouaetf ^jrai want tohvem 
a village or in a big city," Mleczkowski said. “I . 
-personally life being in a city. But a lot of people 
who came here over the last 40yearc didn’t come 
hereto bom at^. They came here to escape the 
draft ra pay lower tara'ra just to ESp out Thor _ 
heart is stffl back in the small town." 



AKT Access Numbers • , _ 

How to call around the wpald. ’ r _ ? 

1 U>ing the dun beioix - . find the councry you are calling fratn. 

2. Du! the corre^xnt&r^ ATST Access Number. 

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CuscnnCT Service representative. . . • • ■ ■ . 

Tb recrive your free wallet card of KOSi Access Numbers, just dial the access number of 

foe country you're in and ask for Customer Service. ••• - 


COUNTRY ACCESS NUUBEBS OOCTgBY 


AgA/gaggC Greece" 


Australia 0014-881-011 


Orim.FBO* 10811 Icehnj*a 


Guam 018-872 Zrdaod 


ACGBS8NUUHEBS GOUNZEY 


ACCESS NUMBERS 


000-117 Itedue n ste i nr 



Korean 

Macao 


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0800-111 Netherlands* 



Gnyanam : 

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Hondorasta 

Mcxjco** 4 - 



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